Russian oligarchs, whose fortunes were welcomed with open arms in the Premier League, fell out of favor following the Russian invasion of Ukraine, such as Alisher Usmanov, now undesirable at Everton, and Roman Abramovich, who confirmed he has put the Chelsea.
“The sale of the club will not be done in a rush and will follow its normal course,” Abramovich said about the club he bought in 2003 for 140 million pounds (168 million euros, US $ 187 million) and in which he has made big investments ever since.
Abramovich specified that he will not request repayment of the loans he granted to the London club, estimated at 1.5 billion pounds (1.8 billion euros, US $ 2 billion) and that the “net proceeds” of the sale will be destined to “a charitable foundation for the benefit of all the victims of the war in Ukraine.”
Unlike other Russian oligarchs, Abramovich has so far not been subject to financial sanctions by the European Union (EU) or British authorities, but pressure has increased sharply since the start of the Russian invasion of Ukraine.
Abramovich was a pioneer at the time, opening a gap for his compatriot Alisher Usmanov, who entered Arsenal’s capital in 2007 until he reached 30% before selling it all in 2018 with a huge capital gain.
American investors, such as the Glazer family at Manchester United in 2005 and the Fenway Sport Group at Liverpool in 2010, followed suit a little later, as did the Emiratis at Manchester City and, more recently, the Saudis in Newcastle.
Candidates for Chelsea
Often criticized for its lack of zeal in reining in new investors, the Premier League has built its European dominance on the hundreds of millions of dollars that have poured in from abroad over the past 15 years.
But the war in Ukraine and financial sanctions against the main players in the Russian oligarchy have increased the pressure on English football.
On Saturday, Abramovich wanted to take a step back by handing over the day-to-day management of the club to the six trustees of the club’s charitable foundation.
The possibility of a sale of the club seemed like a barely conceivable last resort until very recently, but everything has been rushed and potential buyers have already begun to appear in search of a good deal.
The Times wrote on Saturday that the UK’s richest man, Ineos boss Jim Radcliffe, might be interested.
He had already scouted Abramovich in 2019, but was put off by the Russian’s £2.5bn price tag and opted for French side OGC Nice.
On Wednesday, Hansjorg Wyss, one of Switzerland’s richest men, told the Blick newspaper that he had been approached to buy Chelsea.
a complicated operation
“I want to reflect for another four or five days,” said Wyss, adding that he had contacted three other people and that, if he took the step, “it will be together with a group of six or seven investors.”
Less involved than Abramovich, since he no longer owns a club stake, Usmanov has already been banned from English football.
Everton announced on Wednesday that it was “suspending” its sponsorship deals with USM, Megafon and Yota, three of the companies in which the Russian-Uzbek tycoon has a major stake.
After selling his stake in Arsenal, he had become one of the main supporters of Everton, which was bought in 2016 by the Iranian Farhad Moshiri, with whom he was associated.
The Toffees’ training center was renamed USM Finch Farm and Usmanov also had an exclusive 30 million pound ($40 million) option to name the new stadium under construction after one of his companies.
The great uncertainty surrounding the conflict in Ukraine makes it impossible to predict its long-term impact, but it is already being seen in English football stadiums.
Source: Gestion
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