Roman Abramovich has said money from the sale of Chelsea will be frozen – but insists that it will be earmarked for a charitable foundation.Todd...
Roman Abramovich has said money from the sale of Chelsea will be frozen – but insists that it will be earmarked for a charitable foundation.
Todd Boehly's consortium is on the cusp of completing a deal to take over the Stamford Bridge club. However, there are concerns over the repayment of a £1.6 billion debt from Chelsea’s parent company Fordstam Ltd to Camberley International Investments.
Abramovich initially pledged to write off the debt when he announced he was putting Chelsea up for sale at the beginning of March.
A spokesperson for Abramovich said: "Mr Abramovich has not asked for any loan to be repaid to him – such suggestions are entirely false – as are suggestions that Mr Abramovich increased the price of the club last minute.
"As part of Mr Abramovich’s objective to find a good custodian for Chelsea FC, he has however encouraged each bidder throughout this process to commit [to] investing in the Club – including in the academy, women’s team, necessary redevelopment of the stadium as well as maintaining the work of [the] Chelsea Foundation."
"Following sanctions and other restrictions imposed on Mr Abramovich by the UK since announcing that the Club would be sold, the loan has also become subject to EU sanctions, requiring additional approvals. That means that the funds will be frozen and subject to a legal procedure governed by authorities."
The spokesperson added: "These funds are still earmarked for [a charitable] Foundation. The government are aware of these restrictions as well as the legal implications.
"To be clear, Mr Abramovich has no access or control of these funds and will not have any access or control of these funds following the sale. Despite the changing circumstances since his initial announcement – he remains committed to finding a good custodian for Chelsea FC and making sure the proceeds go to good causes."Abramovich: Chelsea sale money will be frozen – but earmarked for charity - The Athletic View Story