‘World’s most profitable football business’: Abramovich’s frozen Chelsea cash earns £175m
Summary
Money from Roman Abramovich’s sale of Chelsea Football Club has earned at least £175 million in interest while frozen in a UK bank account. The £2.5 billion from the sale remains locked due to legal disputes, with the UK government wanting the funds used to help victims of the war in Ukraine.Key Facts
- Roman Abramovich sold Chelsea FC in May 2022 for £2.3 billion.
- The money is frozen in a Barclays bank account because of UK government sanctions on Abramovich.
- The funds have grown to nearly £2.5 billion due to accumulated interest of about £175 million by 2024.
- Abramovich promised to donate the money to help people affected by the war in Ukraine but has not released the funds.
- A legal dispute is ongoing between Abramovich and the UK government over how the money should be used.
- There is an investigation by Jersey authorities into the original source of Abramovich’s wealth related to possible corruption and money-laundering.
- Uncertainty exists over £1.4 billion in loans linked to Abramovich’s offshore companies that may reduce the total donation.
- The UK government is preparing legal action to ensure the money helps vulnerable people in Ukraine.
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