Chelsea owner Roman Abramovich sanctioned by UK government
Chelsea owner Roman Abramovich has been sanctioned by the UK government as a repercussion of his relationship with Russian president Vladimir Putin.
Image credit: PA Images The sun shone at Stamford Bridge as uncertainty surrounds the clubThe news has cast a shadow regarding the potential sale of the club, whilst the Blues have also been prohibited from buying and selling of players until further notice.
Thought to be worth circa USD 12.36 billion, Abramovich bought Chelsea in 2003 and has since played an important role in Chelsea’s journey towards becoming one of the most successful clubs in the World.
Implications for the club and staff
Abramovich will not be allowed to put any more funding or collect any payments from Chelsea following the sanctions.
He has spent billions of pounds to fund Chelsea and has given a USD 1.98 billion loan to the club.
The UK government will be giving a special license that will last till May 31 for Chelsea to fulfil its fixtures and provide payment to players and staff.
The situation has given rise to doubts about where future payments for players and other members of staff will come from as no more ticket sales will be allowed.
Third party retailers producing and selling Chelsea’s merchandise have also been told to shut up shop.
Though Chelsea will be allowed to negotiate offers from potential buyers, they will not be allowed to sell the club until a special license is granted by the UK government.
Chelsea's sponsors have already started reconsidering their contracts and are actively reviewing their relationship with the club.
An official from Chelsea's shirt sponsor 'Three', the mobile phone and telecommunications company, confirmed that they are reviewing their partnership with the club.
Players nearing the end of their contracts with Chelsea will be allowed to leave on a free transfer at the end of the season. For players with long-term contacts, nothing will change as Chelsea has been prohibited from selling and purchasing players.
The situation might lead to further confusion among foreign-funded football clubs, big football players might refuse to sign with clubs like Chelsea and Newcastle due to the unpredictability and volatility with regards to the ownership structure of the clubs.