Roman Abramovich’s lawyers have told the UK government that the £2.35 billion proceeds from the 2022 sale of Chelsea Football Club remain his property, warning that the Russian billionaire is prepared to challenge any attempt to confiscate the funds.
The money from the sale, completed in May 2022, remains frozen in a UK bank account belonging to Fordstam Ltd, a company wholly owned by Abramovich, amid a prolonged dispute over how the funds should be used to assist victims of the war in Ukraine.
In correspondence seen by The Athletic, Abramovich’s legal team said their client remains committed to donating the proceeds to charity but insisted the funds legally belong to him.
“The funds — although currently frozen — remain the property of Fordstam Limited, which is wholly owned by Mr Abramovich,” the lawyers said.
The letter also criticised the UK government’s handling of the matter, saying officials had relied on public statements rather than addressing the legal issues surrounding the transfer of the money.
“In the limited interactions that have taken place with UK authorities during this period, Mr Abramovich has consistently sought to resolve the complex legal issues preventing the donation from proceeding to advance his stated intention to donate the proceeds to charity,” the letter stated.
“Nevertheless, the UK Government has repeatedly chosen to disregard those matters, opting instead to issue public and political statements which do nothing to resolve the situation.”
The dispute stems from sanctions imposed on Abramovich shortly after Russia invaded Ukraine in February 2022. The UK government, then led by Prime Minister Boris Johnson, forced the oligarch to sell Chelsea.
Following the sale, Abramovich announced that all net proceeds would be donated “for the benefit of all victims of the war in Ukraine”.
However, disagreements later emerged between Abramovich and the UK government over who should benefit from the funds. While Abramovich wants the money to support all victims of the conflict, including Russian soldiers, UK authorities insist the funds should be directed specifically toward humanitarian aid in Ukraine.
In December, Prime Minister Keir Starmer warned that the “clock was ticking” for Abramovich to transfer the funds to a new foundation for humanitarian assistance in Ukraine, adding that the government was prepared to enforce the move through the courts if necessary.
I won’t buy any football club again after Chelsea – Roman Abramovich breaks the silence
Responding, Abramovich’s lawyers said the donation was always intended to be voluntary.
“The proposal to donate these proceeds was initiated by Mr Abramovich before the imposition of sanctions, and he remains fully committed to ensuring that the funds are used for charitable purposes,” the letter said.
“As such, any donation will be made voluntarily by our clients.”
Reacting to the development, UK Foreign Secretary Yvette Cooper said the government remains determined to ensure the money reaches victims of the war.
“This money was promised to Ukraine over three years ago,” Cooper said.
“It is time Roman Abramovich does the right thing, but if he won’t, we will act. That’s why the licence has been issued. It is time this money was used to rebuild the lives of people who’ve seen devastation as a result of Putin’s illegal war.”
Meanwhile, Fordstam’s latest accounts show that £1.4 billion of the £2.35 billion is owed to Camberley International Investments Limited, a Jersey-registered company. The amount represents loans Abramovich made to Chelsea during his ownership of the club.
The loan, however, remains tied to an ongoing criminal investigation in Jersey into the source of Abramovich’s funds, preventing it from being transferred to any charitable foundation for now.
Abramovich has denied the allegations and is contesting the investigation in court, his lawyers said.
