Prime Ministers Urgent Ultimatum to Abramovich: Time Running Out for Chelsea Sale Funds

British Prime Minister Keir Starmer issued a warning on Wednesday to former Chelsea owner Roman Abramovich, stating «the clock is ticking» regarding the £2.5 billion ($3.4 billion) from the sale of the club, which is intended to aid victims of the war in Ukraine.

During a parliamentary session, Starmer urged Abramovich to «fulfill your commitment and make the payment now. If you fail to do so, we are ready to pursue legal action to ensure that every penny goes to those whose lives have been devastated by Putin’s unlawful invasion.»

In June, government ministers expressed their «frustration» over the lack of resolution with Abramovich about the destination of the proceeds from the May 2022 sale.

While the U.K. government aims to allocate these funds for humanitarian efforts in Ukraine, Abramovich claims they should also support all victims of the conflict, including those in Russia.

Following the imposition of sanctions on Abramovich after President Vladimir Putin’s invasion of Ukraine, a consortium led by U.S. businessman Todd Boehly acquired the Premier League club.

The frozen assets are currently held in a U.K. bank account, remain the legal property of Abramovich, and cannot be transferred without authorization from the Office of Financial Sanctions Implementation.

However, Starmer informed lawmakers on Wednesday that the government is now preparing to issue a license for the transfer of the £2.5 billion linked to the sale of Chelsea Football Club, which has been frozen since 2022.

«I can confirm that we are providing authorization to release £2.5 billion from the frozen funds from the sale of Chelsea Football Club,» he announced.

«My message to Abramovich is clear: time is running out,» the Prime Minister emphasized.

The 59-year-old Russian-Israeli billionaire purchased Chelsea in 2003 and was estimated to have a net worth of $14.5 billion in 2021.

Under Abramovich’s ownership, Chelsea experienced unprecedented success, clinching two Champions League titles, five Premier League championships, five FA Cups, two Europa League trophies, and a Club World Cup.