Government urged to act as 2.5bn Chelsea sale funds remain frozen

"Shadow chancellor Sir Mel Stride said the government "must not delay" in taking decisive steps to release the funds, arguing that the money should already have been deployed to support humanitarian efforts linked to Russia's invasion of Ukraine. He warned that, more than two years after the sale, the continued freeze was becoming increasingly difficult to justify given the scale of need on the ground."

"Abramovich was compelled to sell Chelsea in May 2022 after being sanctioned by the UK government in response to Vladimir Putin's invasion. The club was acquired by a consortium led by US investor Todd Boehly in a deal worth £2.5 billion, with the proceeds placed into a UK bank account under strict government oversight."

"At the time, Abramovich stated that the funds would be donated to support "all victims of the war in Ukraine". However, the UK government has maintained that the full sum should be directed specifically towards Ukrainian humanitarian causes, creating a fundamental disagreement that has stalled progress."

Following Roman Abramovich's forced sale of Chelsea Football Club in May 2022 after UK sanctions, £2.5 billion in proceeds have remained frozen in a legal dispute over distribution. The UK government insists funds should support Ukrainian humanitarian causes, while Abramovich's original commitment referenced supporting all war victims. Opposition politicians, including Shadow Chancellor Sir Mel Stride, are pressuring the government to act decisively, arguing the two-year delay undermines Ukraine support justification. After a March deadline passed without agreement, government officials confirmed they are pursuing legal action to enforce the original sale commitments, having given Abramovich a final opportunity to resolve the matter voluntarily.

Read at Business Matters