HomeFinanceChelsea Sale Paused As Abramovich Has Assets Frozen

Chelsea Sale Paused As Abramovich Has Assets Frozen

chelsea owner russian abramovich

Chelsea Sale Paused As Abramovich Has Assets Frozen

In the latest update of the effects of Russia’s invasion of Ukraine on the sporting world, English Premier League club, Chelsea’s Russian owner, Roman Abramovich, has been sanctioned by the UK Government, with his assets immediately frozen.

The move sees Abramovich’s efforts to sell the club, which was initially reported to potentially be worth £3 billion (AUD$5.3 billion), stopped by the government, who will reportedly oversee any potential sale of the club if it is allowed to continue.

The pause will also mean Chelsea will be banned from making transfers and negotiating new contracts with current athletes, as well as selling new tickets to fans or away fans at home games and selling new club merchandise.

Announcing the decision, UK Prime Minister, Boris Johnson, said: “We are now talking to Chelsea Football Club and those conversations will continue.”

“It would be part of those discussions the terms of any specific licence that’s granted to allow any sale to proceed.

“The important thing is under no circumstances would any sale allow Roman Abramovich to profit from that or take any money from that sale.

“It’s fair to say the government is open to the sale of the club but currently it would require another licence and that would require further conversation with the Treasury and other departments…

“There can be no safe havens for those who have supported Putin’s vicious assault on Ukraine.

“Today’s sanctions are the latest step in the UK’s unwavering support for the Ukrainian people.

“We will be ruthless in pursuing those who enable the killing of civilians, destruction of hospitals and illegal occupation of sovereign allies,” Johnson said.

The news comes after reports the club was drawing interest for a major sale by a number of high-profile global figures, including British billionaire, Nick Candy, Swiss philanthropist, Hansjorg Wyss, and US-based billionaire, Todd Boehly, among others totalling a reported ten parties.

Abramovich has individually been banned from visiting the UK and completing any transactions with UK businesses and individuals, as the UK Government confirmed Abramovich, as well as six other Russian who also had their assets frozen, had connections to Russian President, Vladimir Putin and the Russian Government.

In a statement, a UK Treasury claimed Abramovich’s manufacturing and mining company, Evraz PLC, of which he owns a 29% stake in the company, had supplied steel to the Russian military.

“Abramovich has received preferential treatment and concessions from Putin and the government of Russia,” the statement said.

“Furthermore, Abramovich is or has been involved in destabilising Ukraine and undermining and threatening the territorial integrity, sovereignty and independence of Ukraine, via Evraz PLC.

“Which includes potentially supplying steel to the Russian military, which may have been used in the production of tanks,” the UK Treasury said.

Chelsea’s major sponsor, Three, has also immediately suspended its partnership with the club, with the brand’s logo to be removed from club shirts and the club’s home ground, Stamford Bridge.

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