It appears that certain Russian oligarchs are starting to feel the impact of recent sanctions. Roman Abramovich, one of the more public facing oligarchs, in particular appears to be getting hit hard by the sudden anti-Russian rhetoric when it comes to those that own significant assets.
Well known as the owner of Chelsea FC, an English professional football club based in London that he has owned for two decades, it appears that Abramovich’s time is coming to an end as the owner. Following reports that he had relinquished control of the Club on Sunday, it appears now that he is directly squaring up with Russian President Vladimir Putin while announcing the sale of his interest in the club.
In a statement just published on the Chelsea FC website, Abramovich announced that he will be selling his interest in the Club, as it 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 is said to follow due process and not be fast tracked, with loans outstanding owed to him not to be repaid by the club.
What’s more, in defiance of Putin’s actions, proceeds from the sale of his stake in the Club are to be placed into a charitable foundation that will be “for the benefit of all victims of the war in Ukraine.” Funds will be utilized for the “urgent and immediate needs of victims, as well as supporting the long-term work of recovery.”
The formal announcement follows reporting yesterday by the Daily Mail that offers for the club are expected to be received by Friday, with at least three separate parties reportedly showing interest in acquiring the football club.
At the same time, its being reported that the UK is looking for ways to have Abramovich lose access to the UK, due to his close connections to Putin, despite him claiming otherwise. The oligarch is also reportedly selling off his London property portfolio due to his fears over being hit directly by sanctions. Concurrently, he reportedly attempted to assist in peace talks by Russia and Ukraine, having flown to Belarus on Monday to attempt to further such talks.
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As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.