- Mar 22, 2021
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Chelsea FC’s financial future is a mess after sanctions against Russian owner Roman Abramovich, with fears the club won’t afford to travel to games
Club soccer behemoth Chelsea FC was plunged into chaos last week when its Russian billionaire owner Roman Abramovich was slapped with sanctions by the UK government.
Abramovich, who has close ties to Russian President Vladimir Putin, announced plans to sell the club following the Russian invasion of Ukraine. But the UK sanctions froze the oligarch’s assets, meaning he cannot profit from any sale.
With Abramovich’s assets frozen, Chelsea is effectively barred from spending or making money. Other restrictions announced by the UK government include Chelsea having to cease the sale of merchandise and close its club shop, the sale of tickets to games, and contract extensions for players and other staff.
The British government, however, included a number of provisions in the sanctions which it said will allow Chelsea to keep operating as a soccer team despite Abramovich’s assets being frozen.