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Swiss Court Lifts Lid on Abramovich's Aborted Residency Bid

https://www.swissinfo.ch/eng/swiss-court-lifts-lid-on-abramovich-s-aborted-residency-bid/44493502

(Bloomberg) -- Switzerland’s top court lifted reporting restrictions on the reasons for Roman Abramovich’s failed bid for residency in the Alpine nation, rejecting the Russian billionaire’s claims that disclosure would damage his reputation.

The Supreme Court judges cited concerns raised by Swiss police that Abramovich was “suspected of money laundering” and had “presumed contacts with criminal organizations,” according to the text of the Sept. 21 decision released Tuesday. The owner of London’s Chelsea Football Club was seeking to keep the comments out of the public.

These would make his residency in the country “a threat for public safety” and also “a reputational risk for Switzerland,” according to the document. Abramovich, through his lawyer, denies allegations of money laundering and ties to criminal organizations made by the Swiss authorities.

Abramovich built his fortune from the sale of privatized assets acquired from the former Soviet Union, including Sibneft and Aeroflot. He’s worth an estimated $14.8 billion, based in part on his ownership in steelmaker Evraz and Norilsk Nickel, and is known for his close relations to Russian President Vladimir Putin.

Despite his enormous wealth, Abramovich hasn’t been seen in London since the U.K. government failed to renew his visa in the spring, amid a sharp deterioration in relations between London and Moscow.

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Has Anyone Seen Roman Abramovich? The Last Days of Londongrad

The Russian billionaire has avoided Britain for months and is preparing his finances to skirt the threat of American sanctions.

https://www.bloomberg.com/news/features/2018-09-25/has-anyone-seen-roman-abramovich-the-last-days-of-londongrad

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In late August, as supporters of Chelsea Football Club assembled at Stamford Bridge stadium to watch their team beat London rival Arsenal, a group in the upper deck unfurled a 40-foot blue-and-red banner. “The Roman Empire,” it shouted, beside an image of the team’s owner, Russian billionaire Roman Abramovich. Just below, another banner trumpeted “15 Years, 15 Trophies.” Abramovich didn’t attend the game that day. In fact, he hasn’t been seen in London since the U.K. government failed to renew his visa in the spring, not long after it accused Russia of using a deadly nerve agent on British soil and relations between London and Moscow plunged into crisis.

Abramovich bought Chelsea out of near-bankruptcy in 2003 for £140 million (about $223 million at the time) and has since loaned the club more than £1.1 billion. Until he came along, Chelsea hadn’t won the top domestic trophy, the Premier League title, since 1955. His big spending changed all that and set off a kind of arms race in English football. In some ways, it was similar to the U.S. model: Buy talent, buy titles, and sell merchandise and media rights. But unlike owners of American sports teams, Abramovich didn’t seem bothered by racking up huge losses. (And he didn’t have to contend with caps on spending, until new rules came into force in 2010.) At the Arsenal game, Chelsea supporters taunted their rivals with the chant “We’ve won it all!” to which Arsenal fans sang in response, “You’ve bought it all!”

Chelsea fans still love their high-rolling owner, even as the U.K. government hits back at the Kremlin. Now Abramovich is mulling a sale of Chelsea, frustrated by his British visa problems and concerned about the potential fallout should the U.S. expand sanctions against wealthy Russians and target him. He’s already rejected bids for the club in excess of $2.3 billion—which would be a world-record price for a sports team—according to people familiar with the talks. Earlier this year, Abramovich hired Raine Group LLC, a merchant bank in New York, to advise on the possibility of a full or partial sale of the club. A person familiar with the discussions says Abramovich wants £3 billion. Abramovich’s representatives declined multiple requests for comment for this story and insisted all communication go through his lawyers, who also declined to comment.

With a $14.7 billion fortune derived from oil and metals, Abramovich holds his enormous wealth at the pleasure of Russian President Vladimir Putin, a status that’s put him in the crossfire of the Cold War 2.0 that’s been brewing. It’s not only his visa that’s been effectively stonewalled: In seeking ways to punish Putin, British officials appear to be slow-walking most Russian visa applications, according to immigration lawyers in London. At the same time, the government is scrutinizing the wealth of Russians using London as their base, and lawmakers have begun calling the influx of Russian cash a national security issue.

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14 minutes ago, milan.cech said:

:D :D 

Its only a 50% stake so doesn't  completely remove us from the geo-political uncertainty. I still prefer Jim Ratcliffe (who is worth, as of this moment, more than Roman and Kellner combined, and is adding billions each year) as he is English (so no foreign ownership issues after Brexit) and also a bit older, so will bring (hopefully) an urgency to get us back to top 3 to 5 level in the world.

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On 26/10/2018 at 3:49 AM, Vesper said:

 I still prefer Jim Ratcliffe (who is worth, as of this moment, more than Roman and Kellner combined

If  you are going to lie, don't be so blatant. 

 

James Ratcliffe

$11.5B

https://www.forbes.com/profile/james-ratcliffe/#7f432575443e

 

Roman Abramovich

$11.3B

https://www.forbes.com/profile/roman-abramovich/#62143d36134a

 

Petr Kellner

$13.2B

https://www.forbes.com/profile/petr-kellner/#104456861f0d

 

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56 minutes ago, kiwi1691 said:

If  you are going to lie, don't be so blatant. 

 

James Ratcliffe

$11.5B

https://www.forbes.com/profile/james-ratcliffe/#7f432575443e

 

Roman Abramovich

$11.3B

https://www.forbes.com/profile/roman-abramovich/#62143d36134a

 

Petr Kellner

$13.2B

https://www.forbes.com/profile/petr-kellner/#104456861f0d

 

Lolol you need to update your figures. And I dont lie.

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56 minutes ago, kiwi1691 said:

If  you are going to lie, don't be so blatant. 

 

James Ratcliffe

$11.5B

https://www.forbes.com/profile/james-ratcliffe/#7f432575443e

 

Roman Abramovich

$11.3B

https://www.forbes.com/profile/roman-abramovich/#62143d36134a

 

Petr Kellner

$13.2B

https://www.forbes.com/profile/petr-kellner/#104456861f0d

 

%
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I have to say I find it embarrassing fans speculating about what billionaires they would like to take over the club. Roman is still the owner and hopefully will remain so and I'm not getting into a political discussion about why he might not be we all know why. We have been so fortunate that he took over when we did so please give the man the respect he deserves.

A new owner coming in doesn't mean he or she will go on a massive spending spree like Roman. There are terrible owners all over the country who have fucked clubs up doesn't matter how rich they are. Lets not forget Roman doesn't give interviews which winds up the British media the new owner (if there was one) might be a massive shithead only interested in the spotlight and appearing on telly every chance they get.

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