Source:REUTERS/Peter Cziborra
[Saba Sports News] According to British media reports, there are concerns that less than half of the £2.35 billion from Roman Abramovich’s sale of Chelsea may ultimately be used to aid victims of the Russia-Ukraine conflict. In May 2022, Abramovich sold Chelsea for £2.35 billion and pledged to use the net proceeds to assist victims of the Russia-Ukraine conflict, but the funds remain frozen in the bank account of Fordstam Ltd, Chelsea’s former parent company. After the escalation of the Russia-Ukraine conflict in February 2022, the UK government imposed sanctions on Abramovich. The latest accounts from Fordstam Ltd show that loans must be repaid first, including £1.429 billion owed to companies affiliated with Abramovich, before the remaining funds can be paid to a charitable foundation. This means that out of the £2.35 billion sale proceeds, perhaps only £900 million will flow to charity. Furthermore, three and a half years after the change of ownership at Chelsea, the foundation has received almost no funds due to disputes between Abramovich and the UK government over how the money should be used. There is no indication in Fordstam’s accounts that Abramovich will write off these loans. Relevant parties have contacted Abramovich’s representatives for comment.