Three Halts Chelsea Sponsorship
Telecoms group Three has halted its sponsorship of Chelsea FC in the latest setback for the Premier League club amid sanctions taken against owner Roman Abramovich.
Three said on Thursday evening that it had temporarily suspended its sponsorship of the club, including the removal of its brand from shirts and around Chelsea’s Stamford Bridge stadium until further notice. The announcement came too late for the club to remove the Three logo from their kits ahead of their match against Norwich on Thursday, on the same day that tycoon Abramovich had his assets – including Chelsea – frozen by the UK Government.
Three said in a statement, “We recognise that this decision will impact the many Chelsea fans who follow their team passionately. However, we feel that given the circumstances, and the Government sanction that is in place, it is the right thing to do.”
Three became Chelsea’s principal shirt sponsor in July 2020, with the three-year deal to run until the end of the 2022-23 season. Under the partnership, Three also rolled out 5G connectivity across Stamford Bridge earlier this year.
It has been estimated that the sponsorship deal is worth £40m annually, while further reports suggest partners such as Hyundai and Nike are reviewing their deals.
Abramovich announced last week that he had put the club up for sale in the wake of his country’s invasion of Ukraine. The sanctions announced on Thursday will complicate the sale as it must be proven that Abramovich – who the UK authorities consider an ally of Russian President Vladimir Putin – will not benefit financially. It has been suggested that the UK Government may take control of the sale and the proceeds would be frozen or go into a charitable fund.
The Athletic reported on Friday that Raine Bank, who were last week tasked with progressing the sale, have notified suitors that the sanctions will cause a temporary delay in the process.
The Telegraph today reports that three North American-led groups are considered most likely to take over Chelsea. American billionaire Todd Boehly, together with Hansjorg Wyss and another businessman, have already made an official bid for Chelsea of up to £2.5bn. The Ricketts family, who own Chicago Cubs, and New York Jets owner Woody Johnson, are also thought to be leading contenders.
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