Starmer Tells Abramovich “Clock Is Ticking” Over £2.5bn Chelsea Sale Funds
British Prime Minister Keir Starmer has issued a stark warning to former Chelsea Football Club owner Roman Abramovich, declaring that “the clock is ticking” over the £2.5 billion ($3.4 billion) frozen from the sale of the Premier League club, money the UK government intends to use to support victims of the war in Ukraine.
Speaking in parliament on Wednesday, Starmer urged Abramovich to honour the commitment he made when Chelsea was sold in May 2022, or face legal action.
Government Threatens Court Action
Addressing lawmakers, Starmer said the government was prepared to take the matter to court if necessary to ensure the funds are released for humanitarian use.
“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,” the prime minister said.
UK ministers previously admitted in June that they were frustrated by the lack of agreement with Abramovich over how the proceeds should be distributed.
Dispute Over Where the Funds Should Go
The UK government wants the frozen funds directed exclusively toward humanitarian efforts in Ukraine. However, Abramovich has argued that the money should be used to assist all victims of the conflict, including those in Russia.
The disagreement has delayed the release of the funds for more than two years.
Chelsea Sale and Sanctions Background
Chelsea was sold to a consortium led by US businessman Todd Boehly after Abramovich was sanctioned by the UK government following Russian President Vladimir Putin’s invasion of Ukraine.
Since the sale, the £2.5 billion has remained frozen in a UK bank account, where it still legally belongs to Abramovich.
Licence to Transfer Funds Issued
Starmer told parliament that the government is now issuing a licence to enable the transfer of the frozen money.
“I can announce that we’re issuing a licence to transfer £2.5 billion from the sale of Chelsea Football Club that’s been frozen since 2022,” he said.
Under UK law, the funds cannot be moved without authorisation from the Office of Financial Sanctions Implementation.
Abramovich’s Chelsea Era
Roman Abramovich, now 59, purchased Chelsea Football Club in 2003. At the time of the sanctions in 2021, his estimated personal fortune stood at $14.5 billion.
During his ownership, Chelsea enjoyed the most successful period in the club’s history, winning:
- 2 UEFA Champions League titles
- 5 Premier League titles
- 5 FA Cups
- 2 Europa League titles
- 1 FIFA Club World Cup
Pressure Mounts
Concluding his remarks, Starmer reiterated his warning to Abramovich, signaling that the government is prepared to escalate the matter.
“The clock is ticking,” the prime minister said.