Abramovich Disqualified As Chelsea Director
The Premier League has disqualified Chelsea FC owner Roman Abramovich as a director of the club following the sanctions imposed upon him by the UK government.
In response to Russia’s invasion of Ukraine, Abramovich has had all his British assets frozen, including Chelsea. Despite receiving a special licence to continue playing, its operational spend has been capped and significant sponsors, including Three and Hyundai, have halted their partnerships.
The government has allowed amends to the license in recent days, with Chelsea now able to spend up to £900,000 on costs for home games, up from the £500,000 set on Thursday. The Digital, Culture, Media and Sport (DCMS) released a statement to confirm the changes and referred to the Premier League’s decision to remove Abramovich from the Chelsea board. “The government has made clear that we need to hold to account those who have enabled the Putin regime,” the DCMS statement said.
The Premier League has explained that the latest move will not impact the club’s ability to train or play, however, this action would normally trigger the sale of the owner’s shares. A process that Abramovich had already initiated on 2nd March when the threat of government sanctions was first suggested. The UK government remain committed to allowing an addition to the license that will make a sale possible, if they can ensure Abramovich receives none of the proceeds.
New York merchant bank the Raine Group has assessed the terms of the licence and agreed a route forward for the sale with the Government which means that Chelsea’s suitors can push forward with their bids to take control of the European Champions, in what is set to be a crucial week in the club’s history.
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