Roman Abramovich accounts reveal only £987m from Chelsea sale earmarked for charity | OneFootball

The latest accounts from Roman Abramovich’s Fordstam Ltd have revealed that he is formally obliged to donate only £987 million from the sale of Chelsea to charity (the Times).

This comes in the middle of a legal tussle between Abramovich’s lawyers and the United Kingdom government over the best way to distribute the £2.35 billion generated from the sale.

Abramovich sold Chelsea in 2022 to a consortium led by Todd Boehly and investment firm Clearlake Capital, operating under the BlueCo 22 company.

While the widely reported sale price was £2.5bn, Fordstam’s financial records have revealed that the structure of the transaction was more complex.

The accounts reveal that Fordstam owes about £1.4bn to a Jersey-registered company called Camberley International Investments.

That company is closely linked to Abramovich and was previously used to loan money to Chelsea during his two-decade spell as club owner.

The accounts also confirmed that the ‘net gain on sale’ of the club was £987m and Abramovich intends to donate it to a charitable foundation once the funds are released.

The entire £2.35bn payment from the sale is currently sitting in Fordstam’s frozen bank account, as the United Kingdom government sanctioned Abramovich after Russia invaded Ukraine.

Despite being unable to access the funds, the money generated around £63m in interest during the financial year ending June 2023. 

Abramovich has said he wants the funds to support victims of the war wherever they are, including people affected inside and outside Ukraine. 

However, the UK government has insisted that the money be used only for humanitarian projects within Ukraine.

This disagreement has created a stand-off. UK prime minister Keir Starmer recently warned that the government could seize the £2.35bn if an agreement is not reached soon.

However, Abramovich’s lawyers have made it clear that any attempts by the government to confiscate the funds will be challenged in court.

Fordstam’s accounts also confirmed other details of the sale. 

The final deal included a £150m holdback to cover potential liabilities, including the 74 charges brought by the Football Association against Chelsea over alleged undisclosed payments related to past transfers.