Proceeds from Chelsea sale will ‘go to good causes’, Abramovich reiterates

Chelsea owner Roman Abramovich has reiterated his intentions and conditions of transferring ownership of the club, noting that the proceeds from the sale will go to good causes.

He also said he had not asked the club to repay a loan he had given.

Ripples Nigeria reported in March that the Russian had put up the club for sale following sanctions by the UK amid Russian invasion of Ukraine.

The billionaire mentioned at the time that the proceeds from the sale of the club would go to the victims of the raging war between Russia and Ukraine.

Chelsea, on Thursday, made a statement on their official website, with Abramovich’s spokesperson saying that all the plans and promises made by Abramovich two months ago were still intact.

The spokesperson said Abramovich “remains committed” to making sure the proceeds from the sale “go to good causes”, and added that the loan funds were subject to European Union sanctions and would be frozen.

Read Also: Roman Abramovich loses N100.64bn, drops on world’s richest amid Chelsea sell off

The full statement

Following speculation in media in relation to the sale of Chelsea FC, we would like to clarify the following points…

Firstly, Mr Abramovich’s intentions in relation to gifting the proceeds from the Chelsea sale to charity have not changed.

Since the initial announcement, Mr Abramovich’s team has identified senior representatives from UN bodies and large global charitable organizations who have been tasked with forming a Foundation and setting out a plan for its activities. The lead independent expert has had conversations with Government representatives presenting the structure and initial plans.

Mr Abramovich has not been involved in this work and it has been managed independently by experts with years of experience working in humanitarian organizations.

Secondly, 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 investing in the Club – including in the Academy, Women’s team, necessary redevelopment of the stadium as well as maintaining the work of 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. These funds are still earmarked for the 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.

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