What’s poppin’ — Russian Oligarch, Roman Abramovich, is forced to sell the crown-jewel of his empire, the England-based Chelsea Football Club — after sanctions make it hard for the billionaires to do business with the rest of the world.
Even if you don’t follow soccer, odds are you’re tight with a friend who does. Estimates suggest Chelsea has a 135 million+ fan base worldwide, and Forbes puts the club’s value at $3.2 billion.
Roman bought the club in 2003 for about $233 million — so he’s gotten his money’s worth, but the fact that he plans on forgiving over $1.5 billion in loans Chelsea owes him should tell you about his desperation in running for the door.
Silver lining: Roman says all $$ from the sale will go to fund Ukrainian charity efforts.
Russian billionaires are hurting across the board though: ☹️
- $600 million super yacht of another oligarch, Alisher Usmanov, was seized by Germany
- Another super boat belonging to Igor Sechin was seized by the French
- Rest of them have moved their boats to Maldives, where the US or other western countries don’t have an extradition treaty
From real estate to venture-capital investments, Biden’s sanctions are coming for everything — and $$ has begun exchanging hands at rapid pace. Turns out, a lot it is moving into Bitcoin, which is driving crypto’s recent rally.