UK Approves Sale of Abramovich Owned Chelsea Football Club
5/27/2022 11:30:35 AM

U.K. Sports Minister Nadine Dorries said the British government "is satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals."  

"Given the sanctions, we placed on those linked to Putin and the bloody invasion of Ukraine, the long-term future of the club can only be secured under a new owner," Dorries added.  

The sanctioned Russian oligarch Roman Abramovich, owner of the Chelsea soccer club for 19 years, sold the club to a consortium led by Los Angeles Dodgers baseball club co-owner Todd Boehly.  

According to reports, proceeds from the sale would initially go into a frozen account before going to charity.

"We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war," the British government said.

Abramovich put the club up for sale in early March, weeks after Russia started invading Ukraine prompted governments to impose sanctions against Russian oligarchs.  

The Chelsea soccer club had been running under a government license after Abramovich's assets were frozen in March.  

The sale, which was also backed by Clearlake Capital, had already been approved by owners of the Premier League. 

Courtesy: Fourth Estate