British Prime Minister Keir Starmer issued a stern warning to former Chelsea owner Roman Abramovich on Wednesday, stating that “the clock is ticking” over the £2.5 billion generated from the sale of the club, which has been frozen since the May 2022 transaction. The funds are intended to aid Ukraine’s war victims, following Russia’s invasion, but an agreement on their distribution has yet to be reached.
Speaking in Parliament, Starmer addressed Abramovich directly, saying, “Honor the commitment you made and pay up now, and if you don’t, we are prepared to go to court so every penny reaches those whose lives have been torn apart by Putin’s illegal war.” The UK government has expressed frustration over the ongoing issue, as discussions between officials and Abramovich have stalled, particularly over the intended recipients of the funds.
While the UK government insists the funds should be allocated solely to victims in Ukraine, Abramovich has insisted they be used for all those affected by the conflict, including victims in Russia. The oligarch’s position has caused further delays in releasing the funds.
The £2.5 billion generated from the sale of Chelsea Football Club was frozen after Abramovich was sanctioned following the Russian invasion. A consortium led by US businessman Todd Boehly acquired the club, but the frozen funds are still legally tied to Abramovich and cannot be moved without a license from the Office of Financial Sanctions Implementation.
In his address, Starmer confirmed that the government would issue such a license. “I can announce that we’re issuing a licence to transfer £2.5 billion from the sale of Chelsea Football Club that’s been frozen since 2022,” he declared.
Starmer’s message to Abramovich was clear: “The clock is ticking.”
Abramovich, a 59-year-old Russian-Israeli billionaire, purchased Chelsea in 2003 and oversaw the club’s most successful period, which included winning two Champions League titles, five Premier League titles, five FA Cups, two Europa League trophies, and a Club World Cup. As of 2021, Abramovich’s fortune was estimated at $14.5 billion.
Adapted from Agencies
