The sale of Premier League side, Chelsea, has hit a snag after the British Government slammed a sanction on Russian billionaire owner, Roman Abramovich.
WuzupNigeria reported that Abrahomvic had ceded the club to trustees of Chelsea’s charitable Foundation after he was barred from entering the UK, due to his relationship with President Vladimir Putin following the invasion of Ukraine.
The 55-year-old subsequently put Chelsea for sale with an asking price of £4bn with the likes of Swiss business magnate, Hansjoerg Wyss, Turkish billionaire Muhsin Bayrak, and MMA star, Conor McGregor, declaring interest in buying the club.
However, Abramovich’s proposed sale of the club has been placed on hold as he expects to finalise the deal this week after the UK government froze his assets.
The move is part of a more comprehensive sanctions effort that targets assets owned by several Russian oligarchs with close connections to Putin’s regime.
Speaking after the sanction was announced, Prime Minister Boris Johnson said: “There can be no safe havens for those who have supported Putin’s vicious assault on Ukraine.
“Today’s sanctions are the latest step in the UK’s unwavering support for the Ukrainian people.
“We will be ruthless in pursuing those who enable the killing of civilians, destruction of hospitals and illegal occupation of sovereign allies.”
Abramovich bought Chelsea in 2003 for £140 million and according to the club’s latest accounts, he is owed £1.514 billion in loans through parent company Fordstam Limited, which he controls.
ESPN reported that when Chelsea announced their latest accounts — a £145.6m loss after tax for the year ending June 30, 2021, despite winning the Champions League — the club admitted at the time it was “reliant on Fordstam Limited for its continued financial support.”
