• Russian owner Roman Abramovich has handed over control of Chelsea to the club's charitable foundation trustees. AFP
    Russian owner Roman Abramovich has handed over control of Chelsea to the club's charitable foundation trustees. AFP
  • Chelsea's Russian owner Roman Abramovich has handed over control of the club. AFP
    Chelsea's Russian owner Roman Abramovich has handed over control of the club. AFP
  • Roman Abramovich, centre, applauds after Chelsea were presented with the Premier League trophy at Stamford Bridge on May 24, 2015. AP
    Roman Abramovich, centre, applauds after Chelsea were presented with the Premier League trophy at Stamford Bridge on May 24, 2015. AP
  • Chelsea owner Roman Abramovich has handed over the “stewardship and care” of the Premier League club to its charitable foundation trustees. AP
    Chelsea owner Roman Abramovich has handed over the “stewardship and care” of the Premier League club to its charitable foundation trustees. AP
  • Roman Abramovich took over at Stamford Bridge in 2003. PA
    Roman Abramovich took over at Stamford Bridge in 2003. PA
  • Chelsea owner Roman Abramovich attends a 2021 women's Champions League match in Gothenburg, Sweden. AP
    Chelsea owner Roman Abramovich attends a 2021 women's Champions League match in Gothenburg, Sweden. AP
  • Mr Abramovich has been married three times and has seven children. AFP
    Mr Abramovich has been married three times and has seven children. AFP
  • Roman Abramovich, centre, during a court case in Fribourg, Switzerland, in 2018. EPA
    Roman Abramovich, centre, during a court case in Fribourg, Switzerland, in 2018. EPA
  • Chelsea have prospered since Roman Abramovich took over. Reuters
    Chelsea have prospered since Roman Abramovich took over. Reuters
  • Roman Abramovich, right, alongside Frank Lampard in 2005. PA
    Roman Abramovich, right, alongside Frank Lampard in 2005. PA
  • Chelsea owner Roman Abramovich with club captain Cesar Azpilicueta after the 2021 Champions League final in Porto. PA
    Chelsea owner Roman Abramovich with club captain Cesar Azpilicueta after the 2021 Champions League final in Porto. PA

Roman Abramovich confirms he is selling European champions Chelsea


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  • Arabic

Live updates: follow the latest news on Russia-Ukraine

Russian Roman Abramovich confirmed on Wednesday he will sell Chelsea, 19 years after buying the London club, and promised to donate money from the sale to help victims of the war in Ukraine.

"I have always taken decisions with the club's best interest at heart," Abramovich said in statement published by the reigning European and Club World Cup winners on their website.

"In the current situation, I have therefore taken the decision to sell the club, as I believe this is in the best interest of the club, the fans, the employees, as well as the club's sponsors and partners."

Abramovich said he would not ask for loans he has made to Chelsea - reported to total £1.5 billion ($2.0 billion) - to be repaid to him and the sale would not be fast-tracked.

He said he had told his aides to set up a charitable foundation which would receive all net proceeds from the sale.

"The foundation will be for the benefit of all victims of the war in Ukraine," Abramovich said in the statement.

"This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery."

Swiss business tycoon Hansjoerg Wyss told a newspaper earlier that he was considering buying Chelsea from Abramovich, who over the weekend said he was stepping back from running the club but made no mention of any plans to change its ownership.

"Abramovich is currently trying to sell all his villas in England. He also wants to get rid of Chelsea quickly now. I, along with three other people, received an offer on Tuesday to buy Chelsea from Abramovich," Blick quoted Wyss as saying in an interview published on Wednesday.

Abramovich bought the West London club in 2003 and his investment has helped produce the most successful era in the team's history - winning five Premier League titles, five FA Cups and the Champions League twice.

The 55-year-old, who has Israeli and Portuguese citizenship, became one of Russia's most powerful businessmen by earning fabulous fortunes after the 1991 break-up of the Soviet Union. Forbes has put his net worth at $13.3 billion.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

'Fantastic Beasts: The Secrets of Dumbledore'

Rating: 3/5

Directed by: David Yates

Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law

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What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

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The biog

Name: Abeer Al Bah

Born: 1972

Husband: Emirati lawyer Salem Bin Sahoo, since 1992

Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old

Education: BA in Elementary Education, worked for five years in a Dubai school

 

SPEC SHEET

Display: 10.4-inch IPS LCD, 400 nits, toughened glass

CPU: Unisoc T610; Mali G52 GPU

Memory: 4GB

Storage: 64GB, up to 512GB microSD

Camera: 8MP rear, 5MP front

Connectivity: Wi-Fi, Bluetooth 5.0, USB-C, 3.5mm audio

Battery: 8200mAh, up to 10 hours video

Platform: Android 11

Audio: Stereo speakers, 2 mics

Durability: IP52

Biometrics: Face unlock

Price: Dh849

Results

5pm: Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Gurm, Antonio Fresu (jockey), Eric Lemartinel (trainer)

5.30pm: Handicap (PA) Dh80,000 (T) 1,600m; Winner: Al Nafece, Al Muatasm Al Balushi, Mohammed Ramadan

6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m; Winner: Ashton Tourettes, Adrie de Vries, Ibrahim Aseel

6.30pm: Arabian Triple Crown – Group 3 (PA) Dh300,000 (T) 2,200m; Winner: Ottoman, Adrie de Vries, Abdallah Al Hammadi

7pm: Liwa Oasis – Group 2 (PA) 300,000 (T) 1,400m; Winner: Hakeemat Muscat, Szczepan Mazur, Ibrahim Al Hadhrami

7.30pm: Handicap (TB) Dh80,000 (T) 1,600m; Winner: Ganbaru, Antonio Fresu, Musabah Al Muhairi

EA Sports FC 25
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Company%20profile
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Race 3

Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars

'Ghostbusters: From Beyond'

Director: Jason Reitman

Starring: Paul Rudd, Carrie Coon, Finn Wolfhard, Mckenna Grace

Rating: 2/5

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Updated: March 03, 2022, 5:25 AM