Roman Abramovich confirms he will sell top UK soccer team Chelsea

With the threat of financial sanctions looming, Chelsea’s Russian owner Roman Abramovich confirmed Wednesday he is trying to sell the Premier League soccer club he turned into an elite trophy-winning machine with his lavish investment.

The speed of Abramovich’s pending exit from Chelsea is striking as he was trying to instigate a plan this past weekend to relinquish some control in order to keep the club under his ownership.

But as Russia’s war on Ukraine entered its seventh day, pressure was growing on the British government to include him among the wealthy Russians to be targeted in sanctions.

“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,” Abramovich said in a statement.

Abramovich said he will not be asking to be repaid 1.5 billion pounds ($2 billion) in loans he has granted the club during 19 years of injecting cash to elevate the team into one of the most successful in Europe.

The Blues won the Club World Cup for the first time last month — in front of Abramovich in Abu Dhabi — after securing a second Champions League title last year.

“I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated,” he said. “The foundation will be for the benefit of all victims of the war in Ukraine.”

Chelsea and Abramovich’s representatives have not disputed Swiss billionaire Hansjorg Wyss saying he “received an offer on Tuesday to buy Chelsea from Abramovich” along with three other people.

“Abramovich is currently asking far too much,” Wyss was quoted as telling Swiss newspaper Blick.

British Prime Minister Boris Johnson said it was not “appropriate” to comment on individual cases when asked in the House of Commons why Abramovich was not facing sanctions yet.

Abramovich has faced calls to condemn Russia’s attack on Ukraine, which he hasn’t done yet.

In 2012, a High Court judge in London highlighted Abramovich’s connections to Putin in a ruling related to a legal battle. Judge Elizabeth Gloster said Abramovich had “very good relations” and “privileged access” to Putin, adding, though, that he could not “pull the presidential strings.” Abramovich has denied taking any orders from Putin.

Abramovich was last seen in public on the field in Abu Dhabi last month after Chelsea won the Club World Cup. His last public visit to a match at the club’s Stamford Bridge home was last year.

The Jewish philanthropist is a major donor to causes in Israel, including the Yad Vashem Holocaust memorial and museum in Jerusalem.