Money from the £3.5billion sale of Chelsea FC could soon be ‘on the start of its journey’ to help people in Ukraine, minister says
- MP Chris Bryant asked what happened to the profits from the sale of Chelsea
- Profits were intended to go to a charity aiding victims in Ukraine after the sale
- A license is being applied for to get the cash to Ukraine, he was told Tuesday
- Abramovich put the team up for sale in March in anticipation of UK sanctions
MP Chris Bryant raised the question of what is happening with the profits from the sale of Chelsea football club, which were intended to go to a charity aiding victims in Ukraine
Billions of pounds from the sale of Chelsea Football Club could soon be ‘on the start of its journey’ to help people in Ukraine, a minister has said.
At Foreign Office questions, Labour former minister Chris Bryant said: ‘Can I just ask a question I have asked him before, so I hope he knows the answer by now, which is about the Abramovich money.
‘Chelsea was sold for £3.5billion many months ago. Has that money yet got to Ukraine? And if not, why not?’
Responding, Foreign Office minister Leo Docherty said: ‘It is still frozen in the UK bank account. The administrative work is being done and a licence is being applied for, but we hope it is on the start of its journey to Ukraine to help the people where they need help.’
Rhondda MP Mr Bryant also referenced the US midterm elections as he spoke, telling the Commons: ‘I really hope that the Americans, whatever they vote today, still stick with supporting Ukraine over the next few months.’
American magnate Todd Boehly became the new owner of Chelsea after buying the London club for £4.25billion in May.
Chelsea Chairman and co-owner Todd Boehly is pictured during the Premier League match between Chelsea FC and Manchester United at Stamford Bridge on October 22. The billionaire acquired the club after buying it for £4.25billion in May
Profits from the sale are supposed to be heading to Ukraine to aid victim’s of Russia’s invasion. Pictured: A Ukrainian soldier of an artillery unit fires towards Russian positions outside Bakhmut on November 8
Ministers have been unable to say what is happening with the funds until Mr Bryant raised the question.
The proceeds from the sale were frozen in a UK bank account, set aside as a charitable donation to be diverted to aid victims of the war in Ukraine.
Russian oligarch Roman Abramovich put the team up for sale in March, anticipating British sanctions following Vladimir Putin’s invasion of Ukraine.
Abramovich bought the club in 2003 for a reported £140million. He had funded Chelsea via £1.5billion in loans through Fordstam Limited, the entity through which he owned the club.
Chelsea began operating under a special license, effectively being controlled by the British government, before it changed hands.
The club was ranked by Forbes as the seventh most valuable club in world soccer at $3.2billion.
Russian oligarch Roman Abramovich put the team up for sale in March in anticipation of British sanctions following Vladimir Putin’s invasion of Ukraine
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