Latest news with #Abramovich
Times
a day ago
- Business
- Times
Ministers must walk a careful tightrope in Abramovich case
Threats from British ministers to sue Roman Abramovich have brought the Russian billionaire back into the spotlight. A fortnight after Russia invaded Ukraine, Liz Truss, then foreign secretary, announced sanctions against seven of the wealthiest Russian oligarchs. On her list was Abramovich, who at the time owned Chelsea FC. His assets were frozen, a prohibition was placed his on transactions with UK individuals and businesses, and he was subjected to a travel ban. Having owned Chelsea since 2003, Abramovich was granted a special licence to sell the club, provided he could prove that he would not benefit from the deal. In May 2022, Todd Boehly led a consortium, later known as BlueCo, which bought Chelsea — and the sale proceeds remain frozen in a UK bank account linked to Abramovich. While he cannot gain access to the money, it legally belongs to him. This month the government threatened legal action to ensure that the frozen £2.5 billion is ring-fenced to fund humanitarian causes only in Ukraine. Issuing a joint statement, Rachel Reeves, the chancellor, and David Lammy, the foreign secretary, said: 'While the door for negotiations will remain open, we are fully prepared to pursue this through the courts, if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible.' • Roman Abramovich: government threatens to sue former Chelsea owner over sale The three-year delay in the funds being released centres on sustained disagreement between the UK government and Abramovich. Through his lawyers, the oligarch argues that a much wider set of beneficiaries should receive money, with proceeds being donated via a foundation 'for the benefit of all victims of the war in Ukraine'. That would include Russian soldiers and other charitable causes outside Ukraine. After three years of fruitless discussion, the government is now seeking to break the impasse. But after the threat of legal action against Abramovich — intended to force his hand as Reeves and Lammy have outlined — the government must now walk a legal tightrope in proving its case. They must be careful not to set a precedent for asset-freezing cases that undermines the rule of law, or invites future legal challenges from other sanctioned parties. An attempt by the government to force a release of the sale proceeds will risk a legal confrontation with the established sanctions framework. Legally, they must be dealt with under the terms of the licence granted by the Office of Financial Sanctions Implementation. However, it is conceivable that if ministers proceed down this road, other legal avenues might be considered, such as those under international investment treaties, depending on the circumstances. Manifestly, turning a high-profile Premier League transaction into a High Court test case for sanctions enforcement will not be straightforward — there are no easy games at this Hastings is a partner at Quillon Law
Russia Today
10-06-2025
- Business
- Russia Today
Russian tycoon Abramovich ‘done' with professional football
Russian businessman Roman Abramovich has said he no longer intends to be involved in professional football or own any club again, according to a new book excerpt cited by the Daily Mail. Abramovich was forced to sell the football club Chelsea to a US-led consortium shortly after the escalation of the Ukraine conflict. The UK government imposed sanctions on him in March 2022 over his alleged Kremlin ties. The tycoon has denied the allegations and acted as a mediator between Moscow and Kiev on several occasions. In an interview with Nick Purewal, the author of a book titled 'Sanctioned: The Inside Story of the Sale of Chelsea FC', Abramovich confirmed he has 'no interest in any role in a football club, certainly not a professional role.' 'As for ownership or a professional role at a club, I am done with that in this lifetime,' he was cited as saying. He added that he still wishes to attend a Chelsea match in the future 'to say a proper goodbye,' but reiterated he has no plans for further involvement in the sport. However, he expressed a willingness to support initiatives for underprivileged youth if a meaningful opportunity arises. The British government has increased pressure on Abramovich to approve the release of the £2.5 billion ($3.4 billion) proceeds from the Chelsea sale to Ukraine. Last week, Chancellor Rachel Reeves and Foreign Secretary David Lammy warned in a joint statement that the UK is prepared to take legal action if he does not authorize the transfer. 'The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine,' the statement read. While the money is frozen in a UK account, Abramovich remains its legal owner and must approve its distribution. According to The Guardian, officials have held extensive talks with Abramovich's legal team but have failed to resolve a 'fundamental disagreement' over how the funds should be used. Abramovich has insisted the proceeds be used to assist victims of the conflict on both sides, not exclusively Ukraine.
Yahoo
10-06-2025
- Business
- Yahoo
‘I don't have any interest': Roman Abramovich breaks three-year silence on forced Chelsea sale
Former Chelsea owner Roman Abramovich has spoken publicly for the first time since he was forced to sell the club after Russia invaded Ukraine in 2022. The Russian oligarch was the face of Chelsea's enormous success for nearly two decades, watching the Blues win every available piece of silverware in club football. Advertisement Speaking in a rare interview, Abramovich expressed his desire to one day return to Stamford Bridge and say a heartfelt farewell. He was denied the opportunity to do so three years ago. Abramovich bought Chelsea in 2003 for £140 million and transformed the club into a global powerhouse but was forced to step away under immense pressure. He was accused of having close ties with Russian President Vladimir Putin, which led to sanctions from the UK government in March 2022. Abramovich ultimately had no choice but to sell. He eventually handed the club over to the Todd Boehly-Clearlake Capital consortium following a prolonged two-month takeover saga that saw several candidates interviewed. Advertisement Abramovich recouped an earth-shattering profit on his Chelsea sale, making nearly 18 times his initial investment in the club. He sold the club for £2.5 billion but insisted the proceeds be donated to charities supporting victims of the war in Ukraine. The money has since been frozen in a UK bank account. During the interview, Abramovich made it clear that he has no intention of owning another football club. 'Perhaps one day there would be a situation where I could attend a match and say a proper goodbye, but nothing more than that,' Abramovich said (via the Daily Mail). 'I don't have any interest in any role in a football club, certainly not a professional role.' Advertisement Chelsea had a rough start to life after Abramovich. But they've finally won their first trophy under the new ownership, thrashing Real Betis to win the Europa Conference League in Poland. Enzo Maresca's side also qualified for the Champions League and will use that as a springboard to achieve greater things next season.
Daily Mirror
10-06-2025
- Business
- Daily Mirror
Abramovich breaks silence on Chelsea sale with return hint in rare statement
Former Chelsea boss Roman Abramovich wishes for a return to the club but has vowed never to own a football club again. The Russian oligarch was in situ for the most successful period in the Blues' history. Having completed a takeover of the West London side in 2003, he oversaw five Premier League successes, five FA Cup wins and three League Cups wins. He also helped Chelsea end their long wait for a European crown in 2012, before adding a second Champions League title in 2021. But Abramovich was forced to pull out of the club a year later having been sanctioned by the UK government following Russia's invasion of Ukraine. Todd Boehly and Clearlake's consortium then sealed a £4.25bn takeover. And speaking out on his exit, Abramovich has claimed he wants to return to Chelsea to bid farewell to the club having drawn a line under football ownership entirely. Speaking in a new book titled Sanctioned: The Inside Story of the Sale of Chelsea FC, he said: 'Perhaps one day there would be a situation where I could attend a match and say a proper goodbye, but nothing more than that," the Daily Mail report. 'I don't have any interest in any role in a football club, certainly not a professional role. There might be something where I could help with academies and youngsters, giving greater opportunities to people from difficult backgrounds, if there were an initiative that could make a difference. But as for ownership or a professional role at a club, I am done with that in this lifetime.' Chelsea in race against time to beat FIFA Club World Cup deadline and seal TWO transfers 'I wore Chelsea's No. 9 before Liam Delap – friends and family laughed when I got it' Following his sale of Chelsea, Abramovich was ordered to send £2.5bn of the proceeds to aid Ukraine. But as it stands, that amount remains in a UK bank account, with the government now threatening to sue the 58-year-old. A joint statement from Chancellor Rachel Reeves and Foreign Secretary David Lammy read: "The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia's illegal full-scale invasion. "We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far. While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible." What is a success for Chelsea next season? Share your thoughts in the comments below Abramovich commented on those accusations, giving them short shrift. 'There is an old Russian saying, 'The dogs bark but the caravan keeps moving,' and that fits here,' he also told the book's author, Nick Purewal. 'Whatever I do, people will always accuse me of some kind of agenda. In the end, I have done what I have done simply to try to help.' Ex-Chelsea star John Obi Mikel recently revealed that Abramovich still harbours frustration over the circumstances of Chelsea's sale. Mikel said: 'It's just unfortunate what happened: he lost the football club. I still speak to people close to him and it still pains him. He's still angry about what happened. 'He's not happy that he lost his 'baby' because Chelsea Football Club was his football club. He really cared about the football club, not just the players but the fans.' Join our new WhatsApp community and receive your daily dose of Mirror Football content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice.
Yahoo
10-06-2025
- Business
- Yahoo
Abramovich hopes for 'proper goodbye'
Former Chelsea owner Roman Abramovich says he wants to return to Stamford Bridge for "a proper goodbye", in his first interview since sanctions forced him to sell the club in 2022. The oligarch, who the UK Government allege has strong links to Russian president Vladimir Putin, has not spoken since the sale of Chelsea and his last known interview was with Forbes in March 2021. In an interview in Abu Dhabi in February for the book "Sanctioned" by Nick Purewal, Abramovich ruled out re-investing in Chelsea or, indeed, any other football club. But he said he wants to return to Stamford Bridge someday. "Perhaps one day there would be a situation where I could attend a match and say a proper goodbye, but nothing more than that," he is quoted as saying. He added: "I don't have any interest in any role in a football club, certainly not a professional role." Abramovich also says he still wants a resolution to the war in Ukraine, insisting his efforts to act as a peacekeeper in talks in Turkey in 2022 were genuine. This is the first time he has spoken since he sold Chelsea for £2.5bn to Todd Boehly and Clearlake Capital, who have overseen two underwhelming years before finishing fourth this season to qualify for the Champions League and winning the Conference League. Boehly, who also part-owns successful baseball franchise the LA Dodgers and basketball team the LA Lakers, said in the book: "If you look at our ambitions for the Dodgers and for the Lakers, you're here to win, and it's our business to win; and we're doing everything we can do to win. "Our goal with Chelsea is also to win silverware, because we know, and I know, how much it means to the fans. It makes you appreciate again that sport makes people happy, especially when you win. And Chelsea is supposed to win. "But I really believe that sustained success is an investment, and no matter what business I'm in, or any industry, there are no shortcuts." Meanwhile, Abramovich's comments have emerged just a week after the UK government threatened to sue him, with proceeds from the sale of the club still stuck in a frozen bank account. The UK government wants the money to be for Ukrainian humanitarian aid, but "all victims of the war in Ukraine". Chelsea are also under investigation by the Premier League for alleged irregular payments from Abramovich-era transfer activity.
