British PM Sets Deadline for Abramovich Over £2.5bn Chelsea Proceeds
Britain’s Prime Minister Keir Starmer has delivered a stern warning to Roman Abramovich regarding the stalled distribution of funds from Chelsea’s ownership change, telling the Russian-Israeli billionaire that time is running out to fulfill his promised commitments.
During parliamentary proceedings on Wednesday, Starmer issued a direct challenge to the former Blues proprietor concerning the blocked £2.5 billion ($3.4 billion) from the club’s transfer, money designated to support those affected by the Ukraine conflict.
The Prime Minister’s message was unambiguous: meet your obligations immediately or face legal proceedings to ensure every pound reaches people devastated by what he termed Putin’s unlawful military action.
Government officials expressed their dissatisfaction back in June over the prolonged deadlock with Abramovich regarding the destination of proceeds from the May 2022 transaction.
The core disagreement centers on fund allocation. British authorities advocate for the money to serve humanitarian needs specifically in Ukraine, while Abramovich maintains the resources should benefit all individuals impacted by the hostilities, including those in Russia.
Todd Boehly’s American-led investment group acquired the London club after sanctions were imposed on Abramovich in response to Vladimir Putin’s military offensive against Ukraine.
Currently, the disputed sum remains in a British banking institution. Technically, Abramovich retains legal ownership, and any movement requires authorization from the Office of Financial Sanctions Implementation.
However, Starmer revealed Wednesday that such authorization is now being granted by the government.
The Prime Minister confirmed the issuance of a licence enabling the transfer of the £2.5 billion from Chelsea’s sale that has remained frozen for over two years.
The 59-year-old businessman, who purchased the West London club in 2003, reportedly possessed wealth estimated at $14.5 billion as of 2021.
Under Abramovich’s stewardship, Chelsea experienced unprecedented success, capturing two Champions League trophies, five Premier League titles, five FA Cup victories, two Europa League crowns, and one Club World Cup championship.
