Britain threatens to sue Roman Abramivich over Chelsea sale funds

Yahoo

2 days ago

June 3 (UPI) -- The British government threatened to sue Russian billionaire Roman Abramovich to ensure the proceeds from his sale of Chelsea Football Club benefit aid efforts in Ukraine.
The government seeks to direct the $3.4 billion Abramavoch received when he sold the Premier League club in March 2022 to funds to humanitarian aid.
"The Government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia's illegal full-scale invasion," Foreign Secretary David Lammy and British Chancellor Rachel Reeves said in a joint statement.
Abramovich, however, has stated he would like the proceeds to benefit "all victims of the war in Ukraine," including those in Russia.
He has retained legal control of the funds have remained frozen in a British bank account since the sale as Abramovich was sanctioned in February 2022 following Russia and the government said Tuesday it would take legal action to gain control of where the funds are sent.
"We are deeply frustrated that it has not been possible to reach agreement on this with Mr. Abramovich so far," Lammy and Reeves said. "While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible."
Abramovich was granted a special license to sell Chelsea, as long as he could prove he would not benefit financially from the transaction.
He sold the team to an American-led group two months later for over $3.3 billion, and those proceeds have since remained frozen in a British bank. U.K. officials released a statement Monday that said it's "fully prepared" to take legal action against Abramovich.