U.K. Gov threatens to take Roman Abramovich to court for funds obtained after selling Chelsea. Image: UEFA/Getty Images.
(The Post News)– Roman Abramovich, the former owner of Chelsea, faces legal action from the U.K. government over the £2.5 billion ($3.4 billion) that was frozen from the club’s sale and designated to aid war victims in Ukraine.
The failure to come to an arrangement with Abramovich about the allocation of the proceeds from the May 2022 sale left Foreign Minister David Lammy and Finance Minister Rachel Reeves frustrated late Monday. The billionaire wants the money to be used for all conflict victims, including those in Russia, despite the U.K. government’s desire that it be used for humanitarian causes in Ukraine.
The blocked monies are being held in a U.K. bank account. After Abramovich was sanctioned after Russian President Vladimir Putin’s invasion of Ukraine, a consortium led by U.S. businessman Todd Boehly purchased the Premier League powerhouse. Abramovich still has legal ownership of them, and they cannot be transferred without an Office of Financial Sanctions Implementation authorisation.
In a statement, both ministers stated that the government is committed to ensuring that the money raised from the sale of Chelsea Football Club supports charitable endeavors in Ukraine. The ministers expressed their dissatisfaction for being unable to reach an agreement with Abramovich.
The club was purchased by the 58-year-old Russian billionaire in 2003, and as of 2021, his estimated net worth was $14.5 billion (R259 Bn). Under Abramovich, Chelsea had their most prosperous era ever, winning two Champions Leagues, five Premier Leagues, five FA Cups, two Europa Leagues, and a Club World Cup.
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