Roman Abramovich confirms Chelsea is up for sale; triggers mixed emotions

Russian-Israeli billionaire Roman Abramovich on Wednesday confirmed he would sell his Premier League club, Chelsea, 19 years after buying the west London side and promised to donate money from the sale to help victims of the war in Ukraine.

Amid calls for Abramovich to be hit by sanctions after Russia invaded Ukraine, the 55-year-old metals magnate said in a statement that a sale was in the best interests of the reigning European and world football champions.

Abramovich has decided it is in the "best interest" of the Champions League holders if he parts ways with the club he has transformed since his purchase in 2003.

"As I have stated before, I have always taken decisions with the club's best interest at heart," Abramovich said in a statement.

"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," he added.

The Russian billionaire said he would not ask for loans he has made to the club – reported to total 1.5 billion pounds – to be repaid to him, and the sale would not be fast-tracked.

Abramovich, who made a rare appearance to watch Chelsea win the Club World Cup in Abu Dhabi recently, also said he had told his aides to set up a charitable foundation that would receive all net proceeds from the sale.

"I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated," he said in his statement on Chelsea's website.

"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," he concluded.

Also read: Meet Hansjorg Wyss, the Swiss billionaire who may be Chelsea's new owner

Chelsea has won 19 major trophies in the Abramovich era, including their first two Champions League crowns and five Premier League titles. But the 55-year-old's reign has now come to an end following the fall-out from the Russian invasion.

The UK government has yet to order sanctions against the Russian businessman, who is close to President Vladimir Putin. Still, Abramovich's concern about the potential seizing of assets is said to have sparked his move to off-load the Blues.

Swiss billionaire Hansjorg Wyss and USA investor Todd Boehly are two parties now reportedly preparing a joint bid for Chelsea.

Also read: Russia-Ukraine crisis: Abramovich hands Chelsea 'stewardship' to charitable foundation

Following Abramovich's official statement, Chelsea and football fans took to Twitter to express their opinion on this decision. Here's a look at some of the reactions:

Abramovich, who also has Israeli and Portuguese citizenship, became one of Russia's most influential businessmen by earning fabulous fortunes after the 1991 breakup of the Soviet Union. Forbes has put his net worth at 13.3 billion dollars.