Russian billionaire and former Chelsea Football Club owner, Roman Abramovich, has indicated he is prepared to fight the United Kingdom government over the proceeds from the £2.5 billion sale of Chelsea F.C.
The funds, generated from the club’s sale in 2022, have remained frozen in a United Kingdom bank account amid an ongoing dispute over how the money should be used.
The sale was triggered after the UK and European Union imposed sanctions on Abramovich following Russia’s invasion of Ukraine, forcing him to sell the Premier League club to a consortium led by American businessman Todd Boehly.
However, nearly four years after the transaction, the £2.5 billion raised from the sale remains locked in an account linked to Abramovich’s company due to disagreements between his legal team and British authorities.
The UK government insists the money should be used exclusively to support victims of the war in Ukraine. But Abramovich’s lawyers argue that the funds still legally belong to him and that he should have a say in how they are distributed.
In a letter to the government, Abramovich’s legal representatives maintained that the proceeds are “wholly owned” by their client and warned they would contest any attempt by the state to confiscate the funds through the courts.
British officials, however, have urged the billionaire to release the money as previously promised. UK Foreign Secretary Yvette Cooper said the funds were pledged to support Ukraine and should be made available without further delay.
The standoff raises the possibility of a legal battle between Abramovich and the UK government if authorities move to seize the funds to ensure they are directed toward humanitarian support for victims of the conflict.
