Roman Abramovich has been disqualified as a Chelsea director by the Premier League board after the British government sanctioned the billionaire in the aftermath of Russia’s invasion of Ukraine. Abramovich was one of the oligarchs sanctioned this week by the UK following Russia's invasion of Ukraine.
The Premier League’s decision means that this ends Abramovich’s 19 years in control of the west London club but does not directly impact the players.
“The board’s decision does not impact on the club’s ability to train and play its fixtures,” the Premier League said in a statement.
The UK government froze the assets of Abramovich, but allowed a special license to allow Chelsea FC to continue with their footballing activities. Chelsea have also had their credit cards from Barclaycard frozen as a result of the sanctions.
Under pressure in recent weeks, Abramovich first passed on stewardship of the club to the trustees and then eventually put them up for sale, with an expectation of getting around GBP 3 billion. The government now has oversight of the sale process which the Raine Group, an investment bank, is working on. And the UK government will also only sanction a sale if the proceeds does not benefit Abramovich.
Abramovich originally hoped to divert the proceeds into a new foundation for the victims of the war in Ukraine, which he is yet to condemn Putin for launching.
“Proceeds from any sale could not go to the sanctioned individual while he is subject to sanctions,” the government has said.
Abramovich’s disqualification by the Premier League halts the reign of the competition’s first billionaire foreign owner, which began in 2003 and ended Chelsea’s 50-year domestic title drought when they won the crown in 2005.
Abramovich has made no comment since being sanctioned.
(With AP Inputs)
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