£2.5bn Chelsea sale money still frozen in UK bank three years on

The £2.5 billion generated from the sale of Chelsea Football Club remains frozen in a UK bank account—three years after it was announced that the funds would be used to support humanitarian causes following Russia’s invasion of Ukraine.

Abramovich Forced to Sell Chelsea After UK Sanctions

Roman Abramovich, the former owner of Chelsea, was compelled by the UK government to sell the Premier League club in May 2022, following Russia’s invasion in February. On March 2, 2022, Abramovich released a statement pledging that “all net proceeds from the sale will be donated for the benefit of all victims of the war in Ukraine.”

Funds Still Frozen Despite Government Pledge

The Foreign Office has confirmed that the proceeds from the sale remain untouched. Abramovich was sanctioned by former Prime Minister Boris Johnson’s UK government due to his close ties to Russian President Vladimir Putin.

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When asked about the status of the money on Monday, a spokesperson for the Foreign, Commonwealth & Development Office (FCDO) stated: “This government is working hard to ensure the proceeds from the sale of Chelsea FC reach humanitarian causes in Ukraine as quickly as possible.

“The proceeds are currently frozen in a UK bank account while a new independent foundation is established to manage and distribute the money. UK officials continue to hold discussions with Abramovich’s representatives, experts, and international partners, and we will double down on our efforts to reach a resolution.”

Legal Experts Question Delays in Fund Distribution

More than two and a half years after Clearlake Capital and Todd Boehly acquired the club for £2.5 billion, the money remains locked in a UK account.

Lyra Nightingale, a legal adviser at Redress, an organisation advocating for justice for survivors of torture, criticised the government for failing to release the funds.

Speaking to BBC Radio 4’s Today programme, she said:

“Around three years ago, Abramovich was subjected to Russian sanctions and granted a licence to sell Chelsea Football Club.

“The proceeds of that were to go for the benefit of Ukraine. But three years later, we’re still waiting. There is no clear reason from the government as to why that is so.

“That money has been expressly committed to humanitarian purposes in Ukraine, yet it remains locked up. There is a real lack of transparency.”