Former Chelsea owner Roman Abramovich had initially pledged to donate the proceeds from the sale of the club in 2022 to assist the people of Ukraine, a commitment made in light of the devastating impacts of the conflict following Russia’s invasion. However, as of now, he has failed to reach a concrete agreement with the UK government regarding the release of the funds, leading to their current frozen status.
Labour leader Sir Keir Starmer recently issued a stark warning to Abramovich, stating that “the clock is ticking” for him to fulfill his promise of donating £2.5 billion from the Chelsea sale to Ukraine. This pressing call highlights the urgency of the situation, as many continue to suffer the consequences of the ongoing war.
In an address to Members of Parliament on Wednesday, the Prime Minister conveyed that the government had issued a license allowing for the transfer of the Chelsea sale proceeds to be allocated to a newly established foundation dedicated to humanitarian causes within Ukraine. During this discussion in the House of Commons, he urged Abramovich to take timely action. “My message to Abramovich is this: the clock is ticking. Honour the commitment you made and pay up now, and if you don’t, we are prepared to go to court so every penny reaches those whose lives have been torn apart by Putin’s illegal war,” he stated emphatically.
Abramovich finalized the sale of Chelsea in May 2022, following the sanctions imposed on him due to his association with President Vladimir Putin amid the tensions arising from the invasion earlier that year. While Abramovich had publicly committed to donating the proceeds to aid Ukrainian citizens, complications in negotiations with the government have left these funds in limbo, contributing to rising frustrations.
Wednesday’s government decision to issue a license for the transfer is a significant effort designed to compel Abramovich to honor his promise, with the backdrop of potential legal action looming over him should he fail to act expediently. This stance was previously echoed by the government in June, where Chancellor Rachel Reeves and then-Foreign Secretary David Lammy expressed their dissatisfaction over the lack of progress in their dealings with Abramovich.
In a further statement on Wednesday, Reeves articulated that it was “unacceptable” for the funds to remain frozen in a UK banking institution, emphasizing that the ministers were “prepared to do what is necessary” to ensure that the much-needed financial support reaches Ukraine. The Treasury has indicated that they remain open to any proposals Abramovich may have regarding the voluntary transfer of the funds to assist in the humanitarian efforts.
Under the terms of the new license, it has been stipulated that the proceeds from the Chelsea sale must be directed exclusively toward humanitarian causes in Ukraine, while also allowing for any future profits to be utilized more broadly for supporting victims affected by conflicts around the globe. This structured approach aims to ensure that the funds achieve their intended purpose and help those who have suffered as a result of geopolitical strife.
World of sports 
Leave a comment