
Due to Russia’s invasion of Ukraine, Russian oligarch and Chelsea owner, Roman Abramovich, was put in a tight spot. Immediately following the invasion, the British government began placing sanctions on Russian property in the United Kingdom. After 19 years of ownership, Abramovich sought to sell Chelsea F.C. as soon as possible before he was sanctioned. Being an oligarch, the world believed him to be connected with Putin despite his relentless denial. In fact, Abramovich condemned Putin’s actions vehemently. He announced in early March his intentions to sell the club for £3 Billion and that all proceeds would go to a charity that supported the victims of the war in Ukraine. He also gave stewardship to the trustees of the club’s charitable foundation.
The U.K. acted quicker than Abramovich could sell the club. His assets were frozen. This meant that he couldn’t loan Chelsea money, nor could Chelsea earn any revenue. Only season ticket holders could attend games, and sponsors began temporarily suspending their contracts with Chelsea. Abramovich had loaned approximately £1.5 Billion into the club, and he would not get his money back either.

The situation was dire for the club and the players. With no money to pay for transportation, jerseys, or hotels, it fell on the players and coaches to support the club. Thomas Tuchel even mentioned that “I’ll drive the seven-seater bus.” Players were also willing to pay for their travel budget. Everyone pitched in and saved the club from going into major debt and possible bankruptcy.
One major implication of the sanctions was the suspension of Chelsea’s involvement in the transfer market. The British government prohibited them from signing players and changing contracts. With their future in the air, some players at Chelsea F.C. broadened their horizons to other clubs. Defensive pillars Antonio Rudiger and Andreas Christensen both are leaving this summer on free transfers. In addition, two potential signings were thrown out the window. First, Chelsea was rumored to be in advanced talks with the young American goalkeeper Gabriel Slonina of Chicago Fire. At just 17-years-old, he has started all 10 games of the 2022 MLS season and has 5 clean sheets. It was rumored that Slonina would be brought in over the summer and then loaned back to Chicago Fire for 2023. He would have been a promising goalkeeper in the Premier League. Second, Chelsea were in the hunt for the Norwegian superstar Erling Haaland. Playing in the Bundesliga, Haaland contributed to 23 goals so far this season in 19 games. He is very fast and could prove a dangerous threat in the Premier League. While Chelsea were afraid he would not be a good fit in England as it is harder to use pure speed, the sanctions closed off their transfer market access, leaving them out of the race. Manchester City swept in and signed Haaland. Haaland looks to be the final piece that City is missing to lift the famed UEFA Champions League trophy.
Regardless, the lack of an owner and capital left the club’s morale in pieces. Chelsea dropped game after game, and people could tell it was due to their financial struggles. Chelsea at the beginning of April dropped a game against 13th-place Brentford 4-1, lost 3-1 at home to Real Madrid, lost 4-2 to Arsenal, and lost 1-0 to Everton. In some places they gained their footing again, such as beating Real Madrid 3-2 in the second leg, but they were lost as a club. They fell out of the running for the title and the Champions League. They can only hope they earn 4th place or higher in the Premier League to keep their spot in the Champions League.

On May 7th, Chelsea announced the new ownership group. American billionaire, Todd Boehly, led the group that bought the club for £4.25 Billion. He tried to buy Chelsea in 2019, but Abramovich rejected his bid. Notably, Boehly intends to invest in both Stamford Bridge and the Academy program. This will bring in more revenue and increase popularity globally. Boehly is dedicated to his investments. He owns large shares of the Los Angeles Dodgers, the Los Angeles Lakers, Draft Kings, and the Los Angeles Sparks. Apart from sports, he has invested in GoPuff, Security Benefit Life Insurance, and A24. He is also the interim CEO of the Hollywood Foreign Press Association. His first goals as owner of Chelsea are to address their transfer market concerns, namely re-signing Academy products and English internationals Mason Mount and Reece James.
The future is once again bright for the west London football giants. As both a fan and a reporter, I look forward to their future under new ownership.
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