LONDON: Chelsea owner Roman Abramovich handed over the “stewardship and care” of the Premier League club to its charitable foundation trustees on Saturday in an apparent move to fend off calls for him to completely give up control following Russia’s invasion of Ukraine.
The Russian billionaire is not selling the club but is giving up any control for now after being targeted by figures, including politicians, over his ownership. The foundation is chaired by Bruce Buck, who is also chairman of the club. Chelsea director of finance Paul Ramos is also among the trustees.
Abramovich, who has owned Chelsea since 2003, made no mention of the war in his statement.
“I have always taken decisions with the Club’s best interest at heart,” he said. “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.”
Abramovich has invested more than $2 billion in Chelsea, transforming the club into one of the most successful in England. The west London club is currently world and European champion.
“During my nearly 20-year ownership of Chelsea FC,” he said, “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.”
Abramovich is a former Russian provincial governor and ally of Russian President Vladimir Putin, and became a steel and metals magnate. Now a dual Israeli citizen with a net worth estimated at more than $13 billion, Abramovich has used his fortune to buy Chelsea and homes in London and New York.
Abramovich has not had a British visa since 2018 when a renewal application was taking longer than usual to go through and was withdrawn.
That came at a time when Britain pledged to review the long-term visas of rich Russians in the aftermath of the poisonings of Russian former spy Sergei Skripal and his daughter in the English city of Salisbury. Britain blames Russia for the pair’s exposure to a nerve agent, an allegation Moscow denies, and Abramovich is not linked to.
Abramovich hands over control of Chelsea to club’s foundation: club
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Abramovich hands over control of Chelsea to club’s foundation: club
- The move comes with Russia under intense scrutiny following the invasion of Ukraine
E1 World Championship opens 2026 season in Jeddah with expanded field, growing global profile
- Season’s opener features record 10 teams
JEDDAH: The 2026 UIM E1 World Championship presented by PIF will launch its new season in Jeddah, with the Red Sea city once again hosting the world’s first all-electric raceboat series, and champions Team Brady beginning their title defense against an expanded and competitive field.
Set against Jeddah’s Red Sea coastline, the season-opening E1 Jeddah GP 2026, which takes place over Jan. 23-24, will feature a record 10 teams racing the cutting-edge E1 RaceBirds, underlining the rapid growth of the championship and its ambitions as a global competition spanning four continents.
Team Brady are the outfit to beat, having claimed the Champions of the Water title in 2024 and 2025. However, competition is expected to be fiercer than ever, with several teams strengthening their lineups ahead of the new campaign.
Team Monaco and Sierra Racing Club join the championship for 2026, adding further depth to the grid with a mix of experienced and emerging pilots. Team Rafa, who finished just 11 points behind Team Brady last season after a title fight that went down to the final laps, are widely regarded as one of the leading contenders and will be aiming to make an early statement in Jeddah.
Team AlUla Championed by LeBron James also return to race on home waters, one year on from their E1 debut. Carrying local pride, the team will be looking to build on last season’s momentum in front of Saudi fans.
The world-class field is further strengthened by a roster of high-profile, celebrity-backed teams, including Will Smith’s Team Westbrook, DJ Steve Aoki’s Team Aoki, Team Drogba, led by football legend Didier Drogba and his partner Gabrielle Lemaire, and Team Miami, featuring Grammy Award-winning artist Marc Anthony.
Fans will be able to get close to the action across qualifying and race day, with on-water viewing available from the E1 Fan Zone. The area will give visitors the chance to see the E1 RaceBirds up close and will feature a gaming arena with simulator and virtual reality experiences, as well as a VOX cinema screening of “Zootopia 2.” Merchandise outlets and a range of food and beverage options will also be available, creating a family-friendly race-day experience.
Beyond the racing, E1’s return to Saudi Arabia reflects the Kingdom’s growing role in shaping the future of electric sport and sustainable mobility. The championship serves as a living laboratory for electric propulsion systems, accelerating innovation that can influence marine transport while also supporting broader conversations around ocean protection.
As part of its partnership with E1, Formula E’s Driving Force Presented by PIF E360 is hosting its educational program in Jeddah this week. The initiative aims to inspire students aged 8 to 18 to explore science, technology, engineering and mathematics, as well as sustainability, through the lens of electric racing.
The program reached more than 60,000 students globally in 2025 alone, with a further 50,000 targeted this year, taking its reach to over 100,000 young people worldwide.
On the sporting side, PIF’s commitment to excellence will again be recognized through the PIF Pilot of the Day award, presented after finals day to honor standout skill and performance over the race weekend.
Alejandro Agag, founder and chairman of E1, said: “Starting our 2026 season in Jeddah is a powerful statement for E1. The region represents ambition, innovation and a clear vision for the future, and the Red Sea provides the perfect environment as our largest grid yet of 10 teams begin their battle to be crowned 2026 Champions of the Water.”
The Jeddah race is set to deliver high-intensity competition, renewed rivalries and an early glimpse into the future of high-performance racing on water.
