Chelsea Face Tight Future as UK Sanctions Abramovich
By Adedapo Adesanya
Following the sanctions placed on Russian billionaire on Thursday, Mr Roman Abramovich, Chelsea Football Club is facing tough times as the United Kingdom has blocked the Russian’s assets.
Attempts to sell the European champions which were hastily announced last week have been blocked for now despite prospective buyers from around the world declaring an interest.
A sale may yet go ahead, but Mr Abramovich would have to hand over the process to the UK Government, and it would be under the strict proviso that he does not benefit financially in any way.
Despite the sanctions, Chelsea will still be allowed to operate, after being granted a special licence to continue the football-related activity.
The other sanctions that have been placed on the club mean that no new tickets will be allowed to be sold. This means that only ticket holders before Thursday will be able to go to games.
The club will also face a transfer embargo, with loans and permanent deals banned.
No monies from merchandising allowed to go to Chelsea, with the club shop closed.
Strict limits on costs of hosting home matches and travel for away fixtures.
Also, Chelsea’s broadcast revenues will be frozen.
Due to this development, the club’s shirt sponsors Three has said it is“reviewing the situation and are in discussions with Chelsea”.
The move is coming as Western governments are stepping up their pressure on President Vladimir Putin following Russia’s invasion of Ukraine.
Mr Abramovich is one of seven oligarchs targeted in the latest round of sanctions. Those sanctions include a ban on transactions with UK individuals and businesses, as well as a travel ban. There are also transport sanctions.
The immediate impact has been to block Mr Abramovich’s attempts to sell the London-based club which he bought in 2003 at £4 billion.