According to a close friend of the oligarch, Roman Abramovich has stepped down as Chelsea’s owner in order to prevent the team from “becoming a hostage to anti-Russian sanctions.”
The Premier League club announced on Saturday that Abramovich has handed over control of the club’s philanthropic foundation to the trustees.
Bruce Buck, Chelsea’s chairman, is in charge of the club’s philanthropic foundation.
Abramovich can keep funding Chelsea, but the club’s inner workings will remain intact, with Marina Granovskaia in charge of football operations.
Following President Vladimir Putin’s decision to attack Ukraine, Abramovich has sought to disassociate himself from the club.
“He’s really doing it to keep the club from becoming a prisoner of anti-Russian sanctions, which will be around for a long time,” a friend of Abramovich told the Financial Times.
The UK government issued sanctions against Russian banks, oligarchs, and companies earlier this week.
While Abramovich has escaped punishment, Labour MP Chris Bryant has demanded that his assets, including Chelsea, be seized.
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