Government threatens to SUE ex-Chelsea owner Roman Abramovich over £2.5bn from sale of the Blues - as fund remains frozen THREE YEARS after Russian sold club

Daily Mail​

4 days ago

The UK government has threatened to take former Chelsea owner Roman Abramovich to court in a bid to seize the proceeds from the club's sale — nearly three years after it was offloaded under pressure from sanctions.
Chancellor Rachel Reeves warned on Monday that ministers were 'deeply frustrated' at the lack of progress in unlocking the frozen funds and said legal action was now firmly on the table.
Abramovich was forced to sell Chelsea in 2022 after being sanctioned over his alleged ties to Vladimir Putin in the wake of Russia's invasion of Ukraine.
Despite the sale going through for a record £2.5billion — with the Government pledging the money would support humanitarian causes — the cash remains stuck in a UK bank account.
'We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far,' said Reeves.
'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 has previously insisted that the money be distributed to all victims of the war — rather than exclusively to Ukrainians.
But Government officials have refused to budge, maintaining the funds must support humanitarian efforts in Ukraine alone.
The situation remains highly complex, with international partners involved and legal obstacles continuing to delay a resolution.
The funds cannot be moved without a specific licence from the Office of Financial Sanctions Implementation (OFSI), the same body that authorised the 2022 sale.
Campaigners have repeatedly criticised the hold-up and called for greater transparency.
In March, Lyra Nightingale of the legal charity Redress said: 'It has been committed for humanitarian purposes in Ukraine and yet three years later we're still waiting for its deployment. There is a very real lack of transparency.'
Abramovich bought Chelsea in 2003 for £140million and oversaw one of the most successful eras in the club's history, winning 21 major trophies including five Premier League titles and two Champions League crowns.
But in March 2022, he had his UK assets frozen and was banned from entering the country.
Liz Truss, who was then serving as foreign secretary, accused sanctioned oligarchs of having 'the blood of the Ukrainian people on their hands', adding: 'They should hang their heads in shame.'
While Abramovich denied having close ties to Putin, Chelsea were left in limbo until a special licence allowed the club to continue operating and ultimately be sold.
An auction, conducted at pace by Raine Bank, led to American billionaire Todd Boehly and Clearlake Capital taking control.
Nearly all senior staff from the Abramovich era have since left the club.