Categories: News

EPL: Why Abramovich handed over Chelsea FC to charity

Chelsea owner, Roman Abramovich, has given up his stewardship of the club in order to prevent it from “becoming hostage to anti-Russian sanctions”, according to a close friend of the billionaire.

On Saturday, the Premier League side confirmed Abramovich has transferred his stewardship to the trustees of the club’s charitable foundation.

Advertisement

Chelsea’s charitable foundation is led by the club’s chairman, Bruce Buck.

Abramovich can continue to fund Chelsea, however, the inner workings of the club will remain unchanged, with Marina Granovskaia still in charge of football operations.

Advertisement

However, Abramovich has moved to distance himself from the club following President Vladimir Putin’s decision to invade Ukraine.

“He’s really doing it to stop the club from becoming hostage to anti-Russian sanctions, which are going to be around for a while now,” a friend of Abramovich told the Financial Times.

Advertisement

Earlier this week, the UK Government announced sanctions against Russian banks, oligarchs and companies.

While Abramovich has not received any sanctions, Labour MP Chris Bryant has called for the seizure of his assets, including Chelsea.

Advertisement
Sola Adeyemo

Recent Posts

Breaking: House Of Reps Finance Committee Visits FIRS

The House of Representatives Finance Committee has paid a working visit to the headquarters of…

43 mins ago

BREAKING: Tinubu govt drops treason charges against EndBadGovernance protesters

  The Federal High Court in Abuja has dismissed the treason charges brought against the…

4 hours ago

#USRoadToWhiteHouse2024: Trump-Harris polls remain tied in battleground states…

What to know about the end of the #USElection2024 campaign The most recent polling analysis…

4 hours ago

#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls

#US election 2024 Live Updates:  What you need to know about USelection2024 latest polls •…

5 hours ago

Prince Harry and Meghan Markle pursue separate projects

A royal commentator suggests that Prince Harry and Meghan Markle are taking separate paths in…

7 hours ago

#USElection2024: Trump, Harris close campaign in swing states on eve of deadlocked election

PHILADELPHIA/GRAND RAPIDS, Michigan (Reuters) -Donald Trump and Kamala Harris both predicted victory as they campaigned…

7 hours ago