EPL

UK govt threatens Abramovich over frozen Chelsea sale funds

The UK government is warning Russian billionaire Roman Abramovich of possible legal action over £2.5 billion ($3.4 billion) in frozen funds from the sale of Chelsea Football Club, which have been earmarked to support victims of the war in Ukraine.

Finance Minister Rachel Reeves and Foreign Secretary David Lammy expressed frustration late Monday over the deadlock with Abramovich on how the money should be used.

“The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine,” the two ministers said in a joint statement.

“We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far.”

They added: “While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible.”

The dispute centers on how the proceeds from the May 2022 sale—completed after Abramovich was sanctioned by the UK in response to President Vladimir Putin’s invasion of Ukraine—should be distributed.

The UK wants the full amount to support humanitarian efforts in Ukraine. However, Abramovich is insisting that the money benefit “all victims of the conflict,” including those in Russia.

The funds remain frozen in a UK bank account and legally still belong to Abramovich. They cannot be released without a special license from the Office of Financial Sanctions Implementation.

Abramovich bought Chelsea in 2003 and oversaw the club’s most successful era, including two Champions League titles, five Premier League trophies, five FA Cups, two Europa League wins, and a Club World Cup. His fortune was estimated at $14.5 billion in 2021.

The club was sold to a consortium led by U.S. businessman Todd Boehly.

(FRANCE 24)