Chelsea

Chelsea deny Roman Abramovich reports over loans, price

By Darren Plant, Senior Reporter | 05 May 2022

Chelsea deny Abramovich reports over loans, price

Chelsea release a statement to deny reports that owner Roman Abramovich is looking to recoup £1.6bn worth of loans which have been given to the club.

Chelsea have released a statement to categorically deny that Roman Abramovich has changed any of the conditions regarding the sale of the club.

While the British government has taken the change in ownership out of the Russian oligarch's hands, Abramovich said in March that he does not expect to receive the £1.6bn in loans that he has given Chelsea to be paid back.

However, reports in recent days have claimed that Abramovich has changed his mind, the development coinciding with a consortium headed by Todd Boehly being identified as the preferred bidder.

On Thursday evening, the Premier League club formally addressed the speculation, saying that Abramovich remains committed to meeting his previous claims and that he has been working to form a charity which has previously been described as "the victims of Ukraine".

A statement on behalf of Abramovich read: "Firstly, Mr Abramovich's intentions in relation to gifting the proceeds from the Chelsea sale to charity have not changed.

"Since the initial announcement, Mr Abramovich's team has identified senior representatives from UN bodies and large global charitable organizations who have been tasked with forming a Foundation and setting out a plan for its activities. The lead independent expert has had conversations with Government representatives presenting the structure and initial plans.

"Mr Abramovich has not been involved in this work and it has been managed independently by experts with years of experience working in humanitarian organizations.

"Secondly, Mr Abramovich has not asked for any loan to be repaid to him – such suggestions are entirely false – as are suggestions that Mr Abramovich increased the price of the club last minute. As part of Mr Abramovich's objective to find a good custodian for Chelsea FC, he has however encouraged each bidder throughout this process to commit investing in the club – including in the Academy, Women's team, necessary redevelopment of the stadium as well as maintaining the work of Chelsea Foundation.

"Following sanctions and other restrictions imposed on Mr Abramovich by the UK since announcing that the club would be sold, the loan has also become subject to EU sanctions, requiring additional approvals. That means that the funds will be frozen and subject to a legal procedure governed by authorities. These funds are still earmarked for the Foundation. The Government are aware of these restrictions as well as the legal implications.

"To be clear, Mr Abramovich has no access or control of these funds and will not have any access or control of these funds following the sale. Despite the changing circumstances since his initial announcement – he remains committed to finding a good custodian for Chelsea FC and making sure the proceeds go to good causes."

The sale of Chelsea needs to be completed by May 31 as a result of the club's special government licence expiring on that date.