Latest news with #west-London
Yahoo
3 days ago
- Business
- Yahoo
Rachel Reeves threatens Roman Abramovich over frozen £2.35bn Chelsea sale funds
Rachel Reeves is preparing to haul Roman Abramovich to court to finally break the three-year deadlock around the frozen £2.35 billion Chelsea sale fund. In a dramatic hardening of the UK's position, the Chancellor is taking a personal lead in attempting to force the fund's release for Ukraine aid. The fund has remained in limbo as Abramovich remains at loggerheads with ministers over how it is spent on war victims. The Labour Government has been holding the same line as the previous Tory administration in insisting the huge sum is spent only on Ukraine. As talks continue to stall, Reeves and David Lammy, the Foreign Secretary, have now resorted to threatening court action. 'We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far,' a statement from the pair read. Senior ministers have been debating for years how best to deal with Abramovich, who has maintained throughout that his initial agreement with the Government was to release the fund for 'all victims' of the war. The possibility of action via the courts was previously toyed with by the Conservative government, sources close to talks say. With Labour making no progress since coming to power, however, Reeves is understood to have played a key role in pursuing a new tougher on-the-record position. '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,' the new statement said, before later adding: '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.' No final decision has been made on taking Abramovich through the courts to seize the asset. Such action against the oligarch would inevitably be lengthy and messy. The former Chelsea owner first promised proceeds for 'all Ukraine war victims' after putting the west-London club up for sale on March 2, 2022, eight days before facing action over alleged links to Vladimir Putin, the Russia president. Abramovich is still under UK Government sanction. The proceeds have been frozen in a UK bank account since the Office of Financial Sanctions Implementation (OFSI) issued a licence to permit Abramovich to sell the club. The fund will have generated a significant amount of interest while in the account, potentially taking the total value beyond £2.5 billion. The Foreign Office had repeatedly promised in recent months that the new Government would 'double down' on efforts to reach a solution. Humanitarian charities have grown increasingly desperate for a breakthrough, fearful that discussions will be thrown further into chaos if UK sanction arrangements against Russia were to change. Despite the sale of the club taking place entirely within UK jurisdiction, ministers signed a unilateral declaration in May with the European Commission, stating the money would be spent 'exclusively' within Ukraine. That move bemused the humanitarian sector as Mike Penrose, a former UK chief executive of Unicef, was brought in to create an independent foundation on the basis that it would be spent on 'Ukraine and its consequences'. Penrose has been taking a neutral position in discussions between the Government and Abramovich's lawyers. He has set up legal undertakings to make sure the money cannot fall back into the hands of the Russian. The Government will have board input and Jan Egeland, a senior Norwegian diplomat who once advised Kofi Annan at the United Nations, was brought in as interim chairman of the foundation. James Deneslow, head of the conflict team at Save the Children, is among leading figures in the sector to call on ministers to release the funds to support the full 'humanitarian consequences of the war in Ukraine'. The difference of opinion on the purposes of the foundation predates the Chelsea sale to a consortium led by American businessman Todd Boehly, which was completed on May 30, 2022. A representative of Abramovich has been contacted by Telegraph Sport for comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Daily Mirror
15-05-2025
- Sport
- Daily Mirror
Brentford boss makes west London derby admission ahead of crunch Fulham clash
The Bees could qualify for Europe if they finish in eighth spot and Manchester City beat Crystal Palace in Saturday's FA Cup final - and Thomas Frank knows the importance of Sunday's showdown with Fulham Thomas Frank agreed that Sunday's west-London showdown with Fulham is Brentford's "most important match" since their 2021 promotion as they keep their eyes set on European qualification. The Bees in eighth, will need to maintain their current Premier League position to stand a shot. They also need Manchester City to defeat Crystal Palace in Saturday's FA Cup final to qualify for Europe for the first time in their history. Frank's men, who share 55 points with fellow contenders Brighton but ahead on goal difference, sit two ahead of Andoni Iraola's Bournemouth as the race for eighth spot goes down to the final two matches. "Since we have been promoted yes," Frank said about the match being Brentford's biggest since they came up from the Championship. "There's just more on this game of course. I would say that because we want to finish eighth and do well and it doesn't matter if it was against Fulham, Brighton, Liverpool, Leicester, it's important to focus on ourselves, our performance and not the external noise." Sunday's clash at Gtech Community Stadium comes at a good time for Brentford who have won four consecutive matches - a record since their promotion from the second tier four years ago. Despite playing at home, Frank talked up his side's away form as the reason behind their success this season with the Bees winning seven of their last nine on the road. "It's good timing," he added. "We need to keep it up, can we get five in a row? "But it's more on the performance. The away form has been very good. In the last nine games we've been the best away team in the Premier League, winning seven, drawing one and losing one at Newcastle. "The team is in sync, the balance between defensive and offensive is very good and we're high in confidence." Brentford's and Fulham's west-London rivalry has intensified in recent seasons with the Cottagers' Harry Wilson's stoppage-time double in November in a 2-1 win only adding more to the occasion. "It's the final home game against rivals Fulham in a local derby so everything is to play for," Frank said. "We can finish eighth, what would be the highest ever finish for us; it's a fantastic target and so everything's on. "In general they've (Fulham) done well. In the last three years in the Premier League they have built consistency, Marco Silva and his team have added layers and they have a team and squad which is extremely competitive."
The Independent
20-04-2025
- Sport
- The Independent
Champions League dream still alive for Chelsea after Pedro Neto heroics
Pedro Neto fired a spectacular winner in stoppage time as Chelsea 's late show secured a 2-1 win over west-London rivals Fulham at Craven Cottage. Substitute Tyrique George grabbed an equaliser seven minutes from time to cancel out Alex Iwobi 's 20th-minute strike. Then Neto's half-volley clinched a victory that took the Blues above Forest on goal difference in the battle to secure Champions League football. The result will alleviate some of the pressure on under-fire manager Enzo Maresca. Raul Jimenez dominating Chelsea's Levi Colwill in the air was a common theme early on as Fulham mounted pressure. Then Chelsea skipper Reece James was caught in possession by Fulham's press and, after Ryan Sessegnon drove forward, his pass to Iwobi saw the Nigeria international use his weaker left foot to find the bottom left corner from the edge of the area. Chelsea's lack of confidence was clear to see but they did create a handful of chances which a striker in a better form than nine-goal man Nicolas Jackson could have converted. The first came a minute before Iwobi's strike when Noni Madueke's ball across the box was touched by Jackson into the hands of Bernd Leno. The Senegal striker was then caught on his heels in the area despite an inch-perfect delivery from Neto. Maresca turned to the bench at half-time with Jadon Sancho coming on for Madueke but the changes initially failed to spark his side into life. A speculative effort by another substitute Malo Gusto was all the Blues truly had to show for themselves by the hour mark. Fulham on the other hand remained strong and resolute. The physical prowess of Sander Berge and Calvin Bassey snapped up loose balls against Enzo Fernandez and Cole Palmer as they gave their rivals little or no space to attack in behind their deep block. Manager Marco Silva brought on Harry Wilson late on to inject energy but it was 19-year-old Chelsea substitute George who made the impact. The teenager connected with a half-volley on the edge of the area to open his league account in the 83rd minute to get Chelsea back into the match. Chelsea had momentum now. They needed something special though to snatch a comeback win. It came three minutes into added time from big money summer signing Neto, who spun on the half turn and leathered in a winner to send the away end into raptures.
The Independent
20-04-2025
- Sport
- The Independent
Pedro Neto late strike clinches comeback win for Chelsea at Fulham
Pedro Neto fired a spectacular winner in stoppage time as Chelsea's late show secured a 2-1 win over west-London rivals Fulham at Craven Cottage. Substitute Tyrique George grabbed an equaliser seven minutes from time to cancel out Alex Iwobi's 20th-minute strike. Then Neto's half-volley clinched a victory that took the Blues above Forest on goal difference in the battle to secure Champions League football. The result will alleviate some of the pressure on under-fire manager Enzo Maresca. Raul Jimenez dominating Chelsea's Levi Colwill in the air was a common theme early on as Fulham mounted pressure. Then Chelsea skipper Reece James was caught in possession by Fulham's press and, after Ryan Sessegnon drove forward, his pass to Iwobi saw the Nigeria international use his weaker left foot to find the bottom left corner from the edge of the area. Chelsea's lack of confidence was clear to see but they did create a handful of chances which a striker in a better form than nine-goal man Nicolas Jackson could have converted. The first came a minute before Iwobi's strike when Noni Madueke's ball across the box was touched by Jackson into the hands of Bernd Leno. The Senegal striker was then caught on his heels in the area despite an inch-perfect delivery from Neto. Maresca turned to the bench at half-time with Jadon Sancho coming on for Madueke but the changes initially failed to spark his side into life. A speculative effort by another substitute Malo Gusto was all the Blues truly had to show for themselves by the hour mark. Fulham on the other hand remained strong and resolute. The physical prowess of Sander Berge and Calvin Bassey snapped up loose balls against Enzo Fernandez and Cole Palmer as they gave their rivals little or no space to attack in behind their deep block. Manager Marco Silva brought on Harry Wilson late on to inject energy but it was 19-year-old Chelsea substitute George who made the impact. The teenager connected with a half-volley on the edge of the area to open his league account in the 83rd minute to get Chelsea back into the match. Chelsea had momentum now. They needed something special though to snatch a comeback win. It came three minutes into added time from big money summer signing Neto, who spun on the half turn and leathered in a winner to send the away end into raptures.
