The proceeds from Roman Abramovich’s sale of Chelsea have earned just shy of 175 million in interest while still locked in a UK account, according to newly published company accounts.
The initial proceeds, valued at about 2.35bn now, are worth almost 2.5 bn with the interest. The account of one of the companies that hold the frozen Chelsea sales proceeds has released their accounts.
Abramovich was sanctioned in 2022 after Russia’s war in Ukraine and agreed that all sale proceeds should go towards victims of the war efforts in Ukraine, but these moneys are frozen pending disputes over how best to move the funds on.
The accounts detail that in 2024 nearly 114 million has already accrued; 63 million was raised last year. Football Finance Expert Stefan Borson stated on social media that: ” The company, where these sales remain, has to be seen as possibly the world’s most profitable football business right now.” And “Why would this company and the UK government fail to find an agreement on what to do with them?” Downing Street is demanding funds go only to Ukraine.
Threatening legal proceedings to further progress matters.
The circumstances are further confused by an ongoing Jersey investigation into how Mr Abramovich obtained the initial wealth. This 1.4 bn of the profits could further reduce the sum to victims of war after loans to an offshore firm are settled.
