Doubts Grow Over Abramovich’s Chelsea Sale Funds Reaching Ukraine War Victims

‎Concerns have emerged that less than half of the £2.35 billion from Chelsea’s sale may reach victims of the war in Ukraine.

‎Newly released company accounts revealed that only the “net proceeds” from the sale would be donated to that cause. The funds from the May 2022 takeover by Todd Boehly and Clearlake Capital are still frozen.

‎They remain held in a bank account belonging to Fordstam Ltd, Chelsea’s former parent company owned by Roman Abramovich.

‎The Russian-born oligarch was forced to sell the club in May 2022 after he was sanctioned by the British government following Russia’s invasion of Ukraine in February of the same year.

‎A Times report published on Tuesday, after the late release of delayed company accounts, indicates that less than half of the proceeds from Chelsea’s sale will be donated to charity.

‎The UK government’s stance remains unchanged since Labour, led by Sir Keir Starmer, replaced the Conservatives in office: the funds must be allocated solely for humanitarian efforts in Ukraine.

‎Abramovich, however, has said he wants the money to benefit “all victims of the war”, which could mean some of the funds ending up in Russia.

‎The company accounts now suggest that loans to Fordstam need to be paid off before the balance can be paid to charity, and that includes £1.54bn owed to the company, which Abramovich personally owns.

‎The company’s balance sheet shows net assets of £922.9 million. According to The Times, funds from Fordstam’s accounts cannot be released to repay loans or to the planned charitable foundation without a licence from the Office of Financial Sanctions Implementation (OFSI).

‎This means only £923 million of the £2.35 billion sale could ultimately reach the charity. Ongoing disputes between the UK government and Roman Abramovich over the funds’ destination have left the money untouched for more than three years after Chelsea’s sale.

‎Fordstam accounts for the year ending June 2022 were only signed on October 10, 2025.

‎Those accounts state, “The intention of the owner of Fordstam Limited, Roman Abramovich, as announced in a public statement, is for the company to gift the net proceeds of sale, after allowing for other balance sheet items, to a charitable foundation set up to benefit those who have suffered due to the war in Ukraine.”