Roman Abramovich's Surprising Move: Donating Chelsea Ownership To Charity
On Saturday, Russian billionaire Roman Abramovich stunned the world when he announced his sudden decision to essentially donate his $2 billion ownership stake in the British soccer team Chelsea F.C. to a charitable trust. This unexpected announcement came just days after British parliament member Chris Bryant urged the government to seize Abramovich's assets, including his ownership of Chelsea.
“Surely Mr. Abramovich should no longer be able to own a football club in this country? Surely we should be looking at seizing some of his assets including his £152m home?” Bryant remarked, highlighting the controversy surrounding Abramovich’s ownership amidst political tensions.
However, the "donation" announcement was met with confusion. Many were left wondering what was truly happening. Was Abramovich giving up ownership? Was there a transfer of value away from his personal accounts?
A closer look revealed that Abramovich wasn't actually relinquishing ownership. Instead, he would remain the end owner, merely handing over "stewardship" of the club to Chelsea's philanthropic foundation. The implications of this were unclear, leading many to speculate about the real motivations behind his decision.
If the intention behind the "donation" was to placate British politicians, it clearly fell short. Following this announcement, Abramovich shifted his focus to selling the club, with plans to donate the proceeds to a charity benefiting Ukrainians.
On Wednesday, it was confirmed that Abramovich was actively seeking to sell Chelsea, setting a deadline for interested parties to submit offers by Friday. Reports indicated that he was looking for $2.5 billion for the club, a staggering figure considering the recent turmoil.
Abramovich had initially purchased Chelsea back in 2003 for $200 million. Over nearly two decades, he invested around $2 billion of his own money, transforming Chelsea into a powerhouse football club, and the only London-based team to have won the Champions League.
Regardless of the final price, a statement on Chelsea's website clarified that the new owner would not be required to repay the significant debts owed to Abramovich from loans over the years.
In a remarkable move, Abramovich also announced that he would not pocket any of the sale proceeds. Instead, he plans to set up a charitable foundation to support victims of the ongoing war in Ukraine. "I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated. The foundation will be for the benefit of all victims of the war in Ukraine,” he stated.
As this situation unfolds, it's clear that Abramovich's asset fire sale extends beyond just Chelsea. He owns approximately $400 million worth of residences outside of Russia and is looking to offload three British mansions. His assets include a $150 million mansion in Kensington, a $30 million waterfront penthouse, and a $25 million country estate.
Additionally, he possesses a $100 million mansion in the French Riviera, a $20 million ranch in Aspen, a $70 million estate in St. Bart's, and four adjacent townhouses in Manhattan potentially valued over $150 million.
This situation raises intriguing questions about the future of Abramovich's assets. Many are wondering whether a billionaire might seize this unique opportunity to acquire valuable properties. If Abramovich were to decline a potential $2 billion cash offer for all his assets, would those assets remain under his name if sanctions were to expand? This could be a pivotal moment for investors in the luxury real estate market.
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