Roman Abramovich removes Chelsea's security blanket after swallowing £1.5bn cost

Roman Abramovich has already sent one seismic shock thundering through English football.

When he bought Chelsea back in 2003, it signalled the end of the old order - and ushered in a new era.

The news which broke last night will have the same deep and long-lasting effect, but not in a good way.

Back then, it was greeted with dismay by Chelsea's rivals.

You could almost hear the angst in the voice of Arsenal vice-chairman David Dein when he said: "Roman Abramovich has parked his tanks on our front lawn - and he's firing £50 notes at us."

And the silent Siberian did, too.

Abramovich was determined to land with a bang - and boy, did he.

It didn't take him long to hire Jose Mourinho. The best up-and-coming manager in the business. Brash, arrogant - and, yes, special. The new model Chelsea was created in his image.

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The Blues elbowed their way to the top - smashing to pieces the cosy cabal that Manchester United and Arsenal had created for themselves - a party which Liverpool were incapable of gate-crashing.

The girth of the Russian's wallet ensured that the best were enticed to the Kings Road.

It took time - nine years, in fact - but the policy of recruiting and remunerating the best was bound to pay dividends.

It did on that special night in Munich - four years after John Terry missed the penalty that should have brought European football's Blue Ribband prize against Manchester United in Moscow.

But nights like that one in Bavaria - and the evening in Porto recently when Kai Havertz defeated Manchester City - could now be successes that supporters cling to as examples of the good old days.

Make no mistake, Abramovich has not handed over control of Chelsea to the club's charitable foundation because he was running short of cash.

His personal investment in Chelsea is £1.5bn. American business magazine Forbes lists his wealth at around seven times that figure.

It's a considerable stake. But it's fair to say he will have food on the table at the end of the week for the foreseeable future.

He's not done it because he has fallen out of love with the game. If he had, he could have sourced a buyer - there are wealthy individuals out there who would have taken it off his hands.

With plenty of private equity money swishing around, there would have been a queue of investors.

No, by handing it over to the club's charitable trust, Abramovich has ensured that those who truly have the club's best interests at heart will make the correct decisions over its future.

The precise terms of that arrangement have not been disclosed - and are unlikely to be. But it's highly likely that the foundation will be unable to sell on the club.

What it means for the here and now, however, is that Chelsea no longer has the financial backing of an oil-oligarch to call upon.

The Blues enjoyed success. But it all came at a price - and that price was £1.5bn. Supporters never see it, of course, because the main man swallows the cost.

That won't be an option, going forward. Chelsea may be among the big-hitters at the moment - but for how long now that their security blanket has been removed?

It was a surprise when Abramovich landed in English football. It's not so much a surprise that he has gone.

The net is closing. Russia 's incursion into Ukraine 's sovereign territory has placed all of their nationals - particularly the ones in the United Kingdom with significant personal wealth - under scrutiny.

Abramovich has acted before he was forced to. At least by doing this he can partly control the outcome. He has not suffered the embarrassment of having to hand it over to the British government.

Chelsea Football Club benefitted hugely from the first jolt sparked by him - but the outcome won't be as pleasant this time around.