Roman Abramovich is now banned from selling the Chelsea Football Club after getting slapped with sanctions for his ties to Vladimir Putin. The shocking move puts the football club’s future into doubt as the sanctions forbid Chelsea from selling tickets to games as well as merchandise.
The football club is among many assets belonging to Abramovich that the UK has frozen as part of the sanctions package. Earlier this month, the billionaire made the “difficult decision” to sell the team. With the billionaire’s assets now frozen, the option of selling the team is off the table.
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Sources say it may be possible that a sale could still go through provided the Government issues a special license. Abramovich has stated that he will donate the proceeds from the sale of the team to aid victims of the conflict in Ukraine, and now the government is assuring that if someone else purchases the team, Abramovich won’t see a dime.
Chelsea has already received a special license from the government that will allow the team to continue to play, and tickets to tonight’s game against Norwich will go ahead as planned. Those who have already bought tickets to Chelsea games will have them honored, but going forward the club is unable to sell any new tickets.
Even worse, the club will have to shutter its official stores, and the sale of official merchandise is now banned.
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Additionally, Chelsea is subject to a transfer ban and is unable to buy or sell players on the transfer market. The club is also blocked from negotiating new contracts with current players.
On Thursday, Chelsea said in a statement: “We will also be seeking guidance from the UK Government on the impact of these measures on the Chelsea Foundation and its important work in our communities.”
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The Russian oligarch is reportedly worth $12.3 billion. He built his wealth after the fall of the Soviet Union by picking up Russian state-owned assets at prices far below market value in Russia’s controversial loans-for-shares privatization program.
Abramovich is also the owner of an extensive property portfolio in the UK, estimated to be worth north of $260 million. His 15-bedroom Kensington Palace Gardens mansion, located on billionaires’ row, is reportedly worth $150 million.
Despite the Billionaires property collection and ownership of Chelsea FC, a travel ban has blocked him from entering the UK for some time.
Source: The Sun, BBC
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