Chelsea owner decides to sell club while there is 'no substance' to Jim Ratcliffe reports News

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Chelsea owner decides to sell club while there is 'no substance' to Jim Ratcliffe reports

By Daily Sports Nigeria on March 3, 2022

Roman Abramovich says net proceeds from sale of Chelsea will be donated to a foundation "for the benefit of all victims of the war in Ukraine"; Russian billionaire has owned Chelsea since 2003; spokesperson says there is "no substance" to reports of Jim Ratcliffe's interest

A spokesperson for British billionaire Jim Ratcliffe has said there is "no substance" to reports he is interested in buying Chelsea after Roman Abramovich announced he is planning to sell the club.

The Russian billionaire released a statement on Wednesday - just before Chelsea's FA Cup tie at Luton - saying he is seeking to sell the Blues, a decision he believes "is in the best interest of the club".

Abramovich's move comes amid Russia's invasion of Ukraine. Swiss billionaire Hansjorg Wyss and American investor Todd Boehly are understood to be two of the parties interested in buying Chelsea from Abramovich, but Ratcliffe is not adding his name to that list.

A spokesperson for his company INEOS told Reuters "there is no substance to the stories" linking Ratcliffe to a purchase of the Premier League side.

Ineos already own French Ligue 1 side Nice, while they also sponsor the Ineos Grenadiers cycling team and own a third of F1 team Mercedes.

Earlier this week, Labour MP Chris Bryant used Parliamentary Privilege to reveal Abramovich is selling his UK home and another flat, telling the House of Commons the Russian billionaire is "terrified of being sanctioned".

He handed "stewardship and care" of Chelsea to the club foundation's trustees on Saturday, in a move aimed to protect the Stamford Bridge club following Russia's invasion of Ukraine.

It is unlikely chairman Bruce Buck, who has run day-to-day operations at Stamford Bridge since 2004, or Marina Granovskaia, who acts as a director of the club, would remain in post beyond any potential sale.

Abramovich is owed £1.5billion by Chelsea after buying the club in a £140m deal in 2003, but says he will not ask for any of the loans to be repaid.

He says the sale of Chelsea "will not be fast-tracked but will follow due process".

"This has never been about business nor money for me, but about pure passion for the game and club," Abramovich said.

Abramovich is attempting to broker peace between Russia and Ukraine, according to his spokesperson, and says he has instructed his team to set up a charitable foundation where all net proceeds from the sale of Chelsea will be donated.

"The foundation will be for the benefit of all victims of the war in Ukraine," said Abramovich.

"This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery."

Roman Abramovich statement in full

I would like to address the speculation in media over the past few days in relation to my ownership of Chelsea FC. As I have stated before, I have always taken decisions with the club's best interest at heart. In the current situation, I have therefore taken the decision to sell the club, as I believe this is in the best interest of the club, the fans, the employees, as well as the club's sponsors and partners.

The sale of the club will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid. This has never been about business nor money for me, but about pure passion for the game and club. Moreover, 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. This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery.

Please know that this has been an incredibly difficult decision to make, and it pains me to part with the club in this manner. However, I do believe this is in the best interest of the club.

I hope that I will be able to visit Stamford Bridge one last time to say goodbye to all of you in person. It has been a privilege of a lifetime to be part of Chelsea FC and I am proud of all our joint achievements. Chelsea Football Club and its supporters will always be in my heart.

Thank you,

Roman

Source Sky Sports

Posted March 3, 2022