Roman Abramovich acquired Chelsea FC in 2003.
The £2.5 billion earmarked for victims of the Ukraine conflict from Roman Abramovich’s sale of Chelsea FC remains inaccessible even after 18 months.
An official highlighted a “dispute” over the fund’s utilization as the cause of the delay in releasing the £2.5 billion from the transaction.
Inquiries about Abramovich’s involvement in this hold-up were met with no direct response.
Daniel Drake, the deputy director of the sanctions taskforce at the Foreign, Commonwealth and Development Office, chose not to speculate, citing differences among the fund’s administrators and the government.
The club’s £4.25 billion transfer to a group headed by U.S. investor Todd Boehly and Clearlake Capital was finalized in May 2022.
When Abramovich decided to sell in March 2022, a month following Russia’s invasion of Ukraine, he promised that the sale’s profits would aid “all victims of the war in Ukraine.”
Yet, the UK government is withholding the funds, insisting they be exclusively distributed to Ukrainian victims within Ukraine, not elsewhere.
“The sale’s proceeds are currently locked in a UK bank,” Europe Minister Leo Docherty informed the House of Lords European Affairs Committee this Tuesday.
Russian tycoon Abramovich purchased Chelsea for £140 million in 2003.
His assets were frozen by the UK government as a reaction to Russia’s invasion of Ukraine.
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Frequently Asked Questions (FAQs) about Abramovich Chelsea Sale
Who bought Chelsea FC in 2003?
Roman Abramovich, a Russian billionaire, acquired Chelsea FC in 2003.
What is the controversy surrounding the sale of Chelsea FC by Abramovich?
The controversy lies in the £2.5 billion from the sale, intended for Ukraine war victims, which remains frozen due to disagreements over its use and UK government sanctions.
Who completed the purchase of Chelsea FC in May 2022?
The club was bought by a consortium led by American investor Todd Boehly and private equity firm Clearlake Capital in May 2022.
What was Abramovich’s intention for the proceeds from the sale of Chelsea FC?
Abramovich stated that the proceeds from the Chelsea FC sale would be used for the benefit of all victims of the war in Ukraine.
Why is the UK government withholding the proceeds from the Chelsea sale?
The UK government is refusing to release the proceeds unless it is guaranteed that the money will only go to Ukrainians within Ukraine, and not elsewhere.
What was the purchase price of Chelsea FC by Abramovich in 2003?
Abramovich bought Chelsea FC for £140 million in 2003.
What led to the sanctions against Roman Abramovich by the UK government?
The UK government sanctioned Abramovich as part of its response to Russia’s invasion of Ukraine.
More about Abramovich Chelsea Sale
- Chelsea FC’s Sale and Ukraine War Relief
- Abramovich’s Chelsea Acquisition and Sale
- UK Government’s Role in Chelsea Sale Proceeds
- Todd Boehly and Clearlake Capital’s Purchase of Chelsea
- The Impact of Russia’s Invasion on Abramovich’s Assets
- Overview of the Chelsea FC Sale Controversy
6 comments
wow, Chelsea was bought for only £140m in 2003? That’s a steal compared to what it’s worth now. Abramovich really changed the game for them.
so, Abramovich sold the club for such a huge sum and now it’s stuck? Can’t believe how complicated these things get… and it’s for a good cause!
Todd Boehly and Clearlake Capital stepping in was a big move, shows how global and lucrative the football business has become.
The government’s stance seems a bit too strict here? I mean, ensuring the money goes to the right people is important but this is taking forever…
It’s sad to see funds meant for war victims being tied up in red tape. Hope they sort this out soon, people are suffering.
The sanctions against Abramovich highlight the far-reaching effects of international politics, even in sports. Fascinating but also quite troubling.