UK Government Threatens Court Action Against Abramovich Over Chelsea Sale Funds

‎British Prime Minister, Keir Starmer warned former Chelsea owner, Roman Abramovich on Wednesday that “the clock is ticking” over the £2.5 billion ($3.4 billion) tied up from the club’s sale, funds earmarked to aid Ukraine’s war victims.

‎Speaking in parliament, Starmer told Abramovich, “Honour the commitment you made and pay up now, and if you don’t, we are prepared to go to court so every penny reaches those whose lives have been torn apart by Putin’s illegal war.”

‎Ministers in June said they were “frustrated” by the failure to reach an agreement with Abramovich over where the funds of the May 2022 sale should go.

‎The UK government seeks to allocate the funds for humanitarian aid in Ukraine, but the oligarch contends they should be used for all victims of the conflict, including those in Russia.

‎A consortium led by American businessman Todd Boehly purchased the Premier League club after Abramovich was sanctioned in response to Russian President Vladimir Putin’s invasion of Ukraine.

‎The frozen funds are being held in a UK bank account.

‎They still legally belong to Abramovich and cannot be moved without a licence from the Office of Financial Sanctions Implementation.

‎But Starmer told lawmakers Wednesday that the government was now issuing such a licence.

‎”I can announce that we’re issuing a licence to transfer £2.5 billion from the sale of Chelsea Football Club that’s been frozen… since 2022,” he said.

‎”My message to Abramovich is this: the clock is ticking,” the prime minister added.

The 59-year-old Russian-Israeli billionaire acquired the club in 2003 and had an estimated fortune of about $14.5 billion in 2021

‎Chelsea enjoyed their most successful era under Abramovich, claiming two Champions Leagues, five Premier Leagues, five FA Cups, two Europa Leagues, and a Club World Cup.