A message to Abramovich: You’re asking too much for the club

Is one great era of ownership coming to an end? Longtime Russian owner of English football club Chelsea FC, Roman Abramovich, may soon step down from his role as the club’s top figure.

"Abramovich is trying to sell all his villas in England and wants to quickly get rid of Chelsea as well. Along with three other people, I received an offer to buy it on Tuesday," said Swiss billionaire Hansjörg Wyss in an interview with Swiss media. The 86-year-old Bern native Wyss, whose fortune is estimated at around $5.1 billion, is reportedly interested in such a sports investment only if it comes as part of a six- or seven-member consortium.

According to media reports, Abramovich has set the initial asking price at £3 billion, or €3.6 billion. However, according to the 2021 valuation by KPMG in their "The European Elite" report, the West London club is valued at only €1.88 billion. Abramovich is therefore asking for nearly twice that. Wyss mentioned this fact as well. "Like other Russian oligarchs, he is currently in a panic. But Abramovich is asking too much for his club," Wyss told the Swiss daily Blick. The Russian tycoon bought the traditional English club in the summer of 2003 for just under $200 million and went on to invest huge amounts of money into the team.

And the results followed. Under Abramovich’s ownership, the team from Stamford Bridge won five Premier League titles and five FA Cups, as well as two UEFA Champions League trophies. "Roman Abramovich was a pioneer among Russian oligarchs when it comes to owning football or sports clubs," sports analyst Jozef Tokos told Economic Daily.

In any case, the move to sell his football toy would not be surprising given the turbulent times for the former governor of Chukotka and close associate of Vladimir Putin. On the contrary, it would be a relatively logical and probably necessary move. After all, just last weekend Abramovich handed over the running of Chelsea to the club’s charitable foundation.

"I have always made decisions with the club’s best interest at heart. I remain committed to these values. That is why today I am entrusting the trustees of Chelsea’s charitable foundation with the stewardship and care of Chelsea FC. I believe they are currently in the best position to look after the interests of the club, players, staff, and fans," Abramovich said in a statement published on Chelsea’s official website.

Nevertheless, the Russian billionaire remains in the owner’s chair for now. But his motives are clear—at the center of it all is Russia’s military invasion of Ukraine. The entire conflict casts a very negative light on everyone connected to Russia’s head of state, including Abramovich. Russia is becoming increasingly isolated by the day, and this includes its billionaires and oligarchs. But with Chelsea, Abramovich holds a premium product, recognized worldwide. After all, Chelsea were the reigning champions of Europe, having won the UEFA Champions League last year. In the current Premier League season, Thomas Tuchel’s side sits in third place, and the total squad value is just under €900 million.

During Abramovich’s nearly 20-year reign, many top footballers wore the Chelsea shirt. Among the biggest legends are longtime captain John Terry, Czech goalkeeper Petr Čech, midfielder Frank Lampard, and powerful, goal-scoring African striker Didier Drogba. (...)