Chelsea owner Roman Abramovich is reported to have sold his shares in Russia’s state-run Channel One television as a result of his decision to acquire a Citizenship with Israel.
The development was revealed by the buyer of the share who told Interfax on Thursday in an interview.
This is followed by the revival of a Russian law which stops foreigners from having more than a 20 per cent share of a media company in the country, as such, Roman Abramovich has been viewed as a foreigner since he acquired the Isreali citizenship.
However, Abramovich has now given up 4 per cent of his shares to make it 20 per cent from the 24 he earlier had owned.
The terms of the deal were not disclosed but it is now clear that the Chelsea owner now owns only 20 per cent of the share in the media house.
It is reported that the Government owns 51 per cent of the Channel One and Roman Abramovich owned 49 per cent but until 2010 when he sold 25 per cent to the for “150 million to the National Media Group, owned by Yury Kovalchuk’s Rossiya Bak.
However, the Chelsea boss still takes full control of the Chelsea football club as he severally dismissed claims that he is on the verge of having it sold.