Former Chelsea owner Roman Abramovich has been spending time in Istanbul, Turkey, amid reports that he is interested in investing in football again.
Roman Abramovich intends to make Istanbul his permanent residence as he considers purchasing a Turkish team less than a year after selling Chelsea.
Abramovich was forced to sell the West London club earlier this year after the UK government sanctioned him in March for alleged ties to Russian President Vladimir Putin. Chelsea were desperate to find a new owner in the midst of a fiscal crisis, with the British government temporarily controlling their cash.
Following the conclusion of the 2021/22 season, a consortium led by US billionaire Todd Boehly completed their ownership of the club. It ended Abramovich’s 19-year reign over the club, during which time they won five Premier League titles, five FA Cups, and two Champions League titles.
The UK sanctioned the Russian oligarch, and the EU followed suit, which implies that Abramovich’s assets in the EU might be confiscated and frozen. However, Turkey did not impose any restrictions on Russia, which helped encourage Abramovich to relocate to the country.
Abramovich has relocated four of his ships worth an estimated $1.2 billion to Istanbul, where he has spent a significant amount of time in recent months. Every morning, the billionaire goes to a cafe near Rumeli Hisar for a coffee before walking along the seafront.
According to reports, he intends to move in the Bebek area, a super-trendy premium Istanbul neighborhood located within the administrative boundaries of the Besiktas region, which is home to one of Turkish football’s titans.
There is no indication whether this is a clue from Abramovich about his future plans in football, although the oligarch is widely considered to be open to investing in a football club following his departure from Chelsea earlier this year. Istanbul is home to several historic football clubs, including Galatasaray, Fenerbahce, and Istanbul Basaksehir.
Abramovich’s net worth is projected to have dropped by 41.6 percent this year as a result of the many sanctions imposed on him and Russia, although he still has a net worth of $10.5 billion.
Russian billionaires have been sanctioned, state assets have been frozen, and much of the Russian corporate sector has been shut off from the world economy in an attempt to persuade Russian President Putin to abandon his invasion of Ukraine.
The 56-year-old holds Russian, Israeli, and Portuguese passports, and his net worth places him second in Israel, eleventh in Russia, and first in Portugal.
“As I have mentioned before, I have always taken choices with the Club’s best interests in mind,” Abramovich wrote on Chelsea’s website in March, confirming his desire to sell Chelsea. In the current situation, I have decided to sell the Club because I feel it is in the best interests of the Club, the fans, the employees, and the Club’s sponsors and partners.
“The sale of the Club will not be fast-tracked but will follow due process. I will not seek repayment for any loans. For me, it has never been about business or money, but about sheer love for the game and the Club.
“Moreover, I have asked my staff to set up a philanthropic foundation where all net revenues from the sale will be donated. “The charity will aid all victims of the Ukrainian war.” This involves giving crucial cash for victims’ urgent and immediate needs, as well as aiding long-term healing efforts.
“Please know that this has been an extraordinarily difficult decision to make, and it pains me to part with the Club in this manner. However, I believe this is in the Club’s best interests.
“I hope that I will be able to visit Stamford Bridge one last time to say goodbye to all of you in person. It has been an honor to be a member of Chelsea FC, and I am proud of all of our accomplishments together. Chelsea Football Club and its supporters will always have a special place in my heart. Thank you very much, Roman.”