Chelsea owner Abramovich rejects UK government claims over £1.5bn loan status

3 weeks ago

Chelsea owner Roman Abramovich has rejected claims from inside the UK government regarding his £1.5bn loan to the club.

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PA Sport reports Abramovich expects his loan to Chelsea to be frozen when the club's sale is carried out.

Fears are thought to have been raised in the UK government that Abramovich could insist on his loan being repaid, which could jeopardise the entire sale process.

Russian-Israeli billionaire Abramovich is understood to have been advised that the UK government sanctions against him block his plans to write off Chelsea's debt.

The 55-year-old pledged to wipe out his loan to Chelsea when confirming he had put the Stamford Bridge club up for sale on March 2, amid Russia's invasion of Ukraine.

Downing Street imposed sanctions on Abramovich on March 10, claiming to have proved the business magnate's links to Russian president Vladimir Putin.

The terms of those sanctions have left Chelsea's parent company Fordstam Limited frozen, with the Blues operating under a special Government licence.

And now Chelsea's long-term owner expects his loan to the club to be frozen when the sale is completed.

Abramovich vowed to create a new charitable foundation and donate all the proceeds of Chelsea's sale to aid victims of the war in Ukraine when initially putting the Blues up for sale.

The Government is likely to divert the sale proceeds to charitable causes, but Downing Street chiefs could yet also freeze those funds.

Chelsea's sale needs to be completed by May 31, when the Government's special licence expires.

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