Chelsea, Roman Abramovich and the future What does his announcement mean? Will

Roman Abramovich rarely speaks in public, and so when the Chelsea owner released a statement on the club’s website this past Saturday, it felt like a significant moment.

“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,” it began. “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.”

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No English club have won more trophies than Chelsea since Abramovich bought Chelsea for £140 million in 2003. Last month’s Club World Cup triumph was their 19th major piece of silverware in addition to two Community Shields, becoming only the fifth European team to win every possible competition available to them in their respective country.

Abramovich has funded Chelsea’s transformation into serial winners while maintaining a low public profile. Chelsea is more of an enjoyable pastime for Abramovich in the context of all that’s on his plate right now — and a potentially disposable asset if his involvement becomes problematic for both, as some critics have claimed in recent days.

But what does it really mean? As sources say the Russian is now willing to listen to offers for the club, ESPN looks at the key questions surrounding Abramovich and the future of Chelsea.

Is Abramovich still in control?

Yes. The significant part of the statement is that he is passing “stewardship” — not “ownership” — of Chelsea, and “stewardship” has no legal meaning.

Abramovich is the sole shareholder of Fordstam Limited, which is Chelsea FC plc’s parent company. Over the years, Abramovich has pumped £1.514 billion ($2 billion) of his own money into Fordstam to acquire Chelsea FC plc and support it financially; in turn, Chelsea FC plc owns Chelsea Limited (the actual club). But that financial support for Chelsea FC plc has come largely in the form of loans. Since Abramovich owns both Fordstam and Chelsea FC plc, he has effectively been lending money to himself, which is not an uncommon way for club owners to finance their teams.

(Abramovich still owns Fordstam, Chelsea FC plc and Chelsea Limited. That part has not changed and is not expected to change.)

Abramovich symbolically stepping back from the key decision-making is a move designed to create an extra degree of separation between him and Chelsea, and therefore to guard against any direct impact on the club when it comes to possible U.K. government sanctions against the Russian billionaire.

Will it affect the day-to-day running of the club?

Not really, no. Club director Marina Granovskaia runs Chelsea on a daily basis, stepping up her responsibilities after Abramovich’s U.K. investor visa expired in 2018 and he withdrew his extension application. Granovskaia and technical and performance advisor Petr Cech are chiefly responsible for identifying and pursuing transfer targets, along with head coach Thomas Tuchel. As Tuchel explained after Sunday’s Carabao Cup final defeat to Liverpool: “I think it will change nothing for me on a daily basis. This is how I understand it. I’m in close contact with Marina and Petr Cech to run the first team of football at Chelsea Football Club, and to give my input and give my very best so we are able to win football matches.”

Chairman Bruce Buck will continue to represent the club in a more administrative sense, at the Premier League, in interactions with UEFA and so on. The hiring and firing of managers has always had Abramovich’s final sign-off as owner — Tuchel is Chelsea’s 12th different permanent coach in 19 years — just as with any key decision involving transfers or material changes to the club (estimated to be as much as $2bn), but the trustees of Chelsea’s charitable foundation will now be asked to assume greater responsibility in that process.

It’s also worth noting that Abramovich’s direct involvement with Chelsea has receded over time, particularly since withdrawing his U.K. visa application in 2018. He attended his first home game in more than three years last November, when Chelsea drew 1-1 at Manchester United. However, he has attended major Chelsea matches, including the women’s Champions League final and the men’s Club World Cup, while also playing a personal role in the club’s significant work on tackling antisemitism.

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