What If No One Owned Chelsea FC?
The soccer team is having to operate as if it is ownerless after the sanctioning of Roman Abramovich. That may be a desirable model.
Christian Pulisic of Chelsea.
Photographer: Shaun Botterill/Getty Images EuropeChelsea Football Club is having to function without its wealthy shareholder after proprietor Roman Abramovich was sanctioned over his links to President Vladimir Putin following Russia’s invasion of Ukraine. Buyers are now queuing up in anticipation that the U.K. government will permit a sale of the West London team. The situation revives questions about whether a soccer club should have a rich owner — or indeed any owner — at all.
The directors of Chelsea FC, the Abramovich-controlled outfit that owns the team, are being forced to run the club as if it has no shareholder. It can carry on its sporting activities but Abramovich can’t benefit financially. There are government-imposed curbs on revenue-generating activities and spending. The focus necessarily shifts to the other stakeholders and creditors, including fans with season tickets, players, staff, and suppliers. In particular, there should be a daily assessment of whether Chelsea can avoid entering administration.