The £2.5 billion generated from the sale of Chelsea Football Club remains frozen in a UK bank account nearly three years after the transaction.
Roman Abramovich, the former owner of Chelsea, was compelled to sell the club in May 2022 following sanctions imposed by the UK government due to his close ties with Russian President Vladimir Putin.
The sale, which was intended to benefit victims of the war in Ukraine, has been mired in controversy and delays. Despite Abramovich’s pledge to donate all net proceeds to humanitarian causes, the funds have yet to be released.
A spokesperson for the Foreign, Commonwealth & Development Office (FCDO) stated, “This government is working hard to ensure the proceeds from the sale of Chelsea FC reach humanitarian causes in Ukraine as quickly as possible. The proceeds are currently frozen in a UK bank account while a new independent foundation is established to manage and distribute the money”.
Legal experts and humanitarian organizations have criticized the lack of transparency and the prolonged delay in distributing the funds.
Lyra Nightingale, a legal adviser at Redress, an organization advocating for justice for survivors of torture, expressed her frustration: “There is no clear reason from the government as to why that is so. That money has been expressly committed to humanitarian purposes in Ukraine, yet it remains locked up. There is a real lack of transparency”.
The situation has sparked calls for the UK government to expedite the process and ensure that the funds reach their intended recipients.
As the war in Ukraine continues, the need for humanitarian aid remains urgent, and the frozen £2.5 billion could provide significant relief to those affected by the conflict.
The ongoing saga of the Chelsea sale proceeds highlights the complexities and challenges of navigating geopolitical tensions and financial regulations.
As discussions between UK officials, Abramovich’s representatives, and international partners continue, the world watches closely, hoping for a resolution that will bring much-needed aid to the victims of the war in Ukraine.
