What Does Russian Owner’s Sanctions Mean For Chelsea?
Roman Arkadyevich Abramovich’s a billionaire Russian oligarch and politician and also hold Israeli and Portuguese citizenship. Abramovich is the primary owner of the private investment company Millhouse LLC and is best known outside Russia as the owner of Chelsea, a Premier League football club. He was formerly Governor of Chukotka Autonomous Okrug from 2000 to 2008. According to Forbes, Abramovich’s net worth was the US $12.9 billion in 2019, making him the second-richest person in Israel, the eleventh-richest in Russia, and the richest person in Portugal.
Abramovich enriched himself in the years following the collapse of the Soviet Union, obtaining Russian state-owned assets at prices far below market value in Russia’s controversial loans-for-shares privatization program. Abramovich was a confidante of former Russian president Boris Yeltsin and current Russian leader Vladimir Putin. He was also one of seven oligarchs sanctioned by the UK government over the 2022 Russian invasion of Ukraine, including asset freezes and travel bans.
Roman Abramovich sanctioned
Recent reports have shown that the UK government has sanctioned Chelsea FC owner Roman Abramovich as part of its response to Russia’s invasion of Ukraine. He is one of seven oligarchs to be hit with fresh sanctions, including asset freezes and travel bans. The list also includes billionaires Igor Sechin and Oleg Deripaska, both seen as allies of Vladimir Putin.
The government said it would issue a special license that allows fixtures to be fulfilled, staff to be paid, and existing ticket holders to attend matches. However, Chelsea FC cannot sell any more tickets for games; its merchandise shop will be closed, and it will be unable to buy or sell players on the transfer market. Fans can buy food and drink at these matches, according to the statement, and under the sanctions, third-party retailers who bought or produced club merchandise prior to Thursday will be allowed to sell their existing stocks as long as no money is given to Chelsea.
For now, the special license lasts until May 31. The new sanctions will see his assets frozen and prohibit “transactions with UK individuals and businesses. The billionaire will also face a travel ban forbidding him to enter the UK. The Premier League released a statement saying that the “League will now work with the club and the Government to ensure the season will proceed as planned and in line with the Government’s intention.”
The government has given the go-ahead for the process to resume, and Raine Group, the US bank tasked with selling Chelsea, has written to interested parties to say so. Abramovich is now almost certain not to find a buyer willing to pay his £3 billion ($3.9bn) asking price. Given the current situation, a quick, cut-price sale increasingly looks like the most viable option for all parties. He received multiple bids after putting the club up for sale, but no one has matched his valuation as yet.
More in Football
Lionel Messi: A boon or bane for Barça?
On August 8, 2021, during a press conference at Camp Nou, when a tearful Lionel Messi revealed that he never wanted...December 5, 2021
The Best Unsung Heroes of Football
Football is full of enormously talented athletes who never receive the fanbase and recognition that they truly deserve based on merit....November 27, 2021
Will Steven Gerrard Accept Villa’s Offer?
Remember the adage – one man’s loss is another man’s gain? Well, it describes Steven Gerrard’s situation perfectly! On November 7,...November 17, 2021
Can Xavi Hernández Bring Back Barça’s Spark?
Who would’ve thought the boy who once served as Barcelona’s (Barça) midfielder would become its coach one day! Yep, you guessed...November 8, 2021
5 Aspects of Soccer That Make It So Popular
pixfly/Shutterstock: Why is soccer so popular? Australia and the US are maybe the last two countries with a sizable population where...November 5, 2021
Messi’s First Month With PSG – House Hunting, Warm Welcomes, And Lots Of High Hopes
Following a devastating departure from the only football club he was loyal to since age 13, the city of love welcomed...October 21, 2021
These Are the Most Successful Players in NBA’s History
Games organized by the National Basketball Association are among the most-watched in the world. The player’s stories are inspiring, and the...October 20, 2021
Remembering Tiger Woods’ Win At The Las Vegas Invitational, 1996
October 6, 2021, marked a golden date for Tiger Woods and his fans as he completed 25 years of defeating Davis...October 14, 2021
NBA’s Most Overlooked Players of the 2019-20 Season
The stage is set, and NBA stars are in Orlando to lay their hands on the coveted Larry O’Brien Trophy. LeBron...October 7, 2021