Sunday | February 27, 2022
Roman Ibrahamovic, the Russian oligarch and Chelsea Football Club owner has relinquished his stewardship of the club to avoid sanctions in England. He left it in the hands of the foundation in order to distance himself from its operations and strategic responsibilities.
England and some Western nations are imposing sanctions on Russia and its prominent citizens as a fightback for invading Ukraine. Abramovic has been identified as one of the most powerful and wealthy Russian individuals who has abetted Vladimir Putin, the President of Russia.
According to Forbes, Abramovich’s net worth stands at $13.6B. He acquired Chelsea Football Club in 2003 and bankrolled it to be one of the fiercest teams in the world. Since he took over, the club has begged two European Champions League titles, five Premier League trophies and a FIFA (Federation of International Football Federation) Club World Cup championship.
In a statement posted on Chelsea’s official website, Abramovich said that:
“During my nearly 20-year ownership of Chelsea FC, I have always viewed my role as a custodian of the Club, whose job it is ensuring that we are as successful as we can be today, as well as build for the future, while also playing a positive role in our communities. I have always taken decisions with the Club’s best interest at heart. I remain committed to these values. That is why I am today giving trustees of Chelsea’s charitable Foundation the stewardship and care of Chelsea FC.
I believe that currently they are in the best position to look after the interests of the Club, players, staff, and fans.”
It is also understood that he is not demanding the $2B loan he offered the club which many sports experts say would lead to the liquidation of the club. Chelsea are one of the most successful English club to emerge from London.
Instead of having his assets frozen at Chelsea, he gave the reins of running the club to the trustees of its charity establishment. England is among the developed countries such as the United States, Germany, France, Canada condemning Russia’s incursion and strongly advising Putin to “stop the war”.
Russia is being hammered with sanctions by Western countries to isolate it from the mainstream economy and international affairs. The latest major hit is the cancellation of SWIFT (The Society for Worldwide Interbank Financial) to prevent Russian banks from moving money around. SWIFT is a global financial system used by banks for international transactions and payments.
For now, it is not clear as to what kind of influence will Roman Ibrahamovich have on Chelsea. It is significant because he will step down to create between himself and the club’s decision making, said Rob Harris of the Associated Press in an interview with BBC. But Abramovich is still the owner of Chelsea and is not prepared to sell, Harris emphasized.
Chelsea’s strong rival Manchester United terminated their sponsorship with Russian airline Aeroflot as a sign of protest against the Ukraine invasion. In Germany, FC Shalke 04 removed the Gazprom logo from its team kit. Meanwhile, the European Champions League final has been taken away from St Petersburg in Russia to Paris in France.
As the backlash against military assailment of Ukraine by Russian aggression grows, other sports codes like tennis and Formula 1 are boycotting staging events in Russia.
The calls for more humanitarian support for Ukrainians and condemnation for the destruction of the country are increasing with global protests around Europe in the main. This Sunday marks the 4th day of Russia’s hostile military bombardment on its western neighbour.