Government warns Roman Abramovich in London as billions from Chelsea sale remain frozen instead of helping Ukraine war victims

When Chelsea Football Club changed hands in 2022, it was meant to be more than just a high-profile football deal—it was supposed to make a difference for those suffering from the war in Ukraine.

But three years later, new financial documents have revealed that less than half of the proceeds from Roman Abramovich’s £2.35 billion sale of the club might ever reach war victims.

The Sale That Was Meant to Help

Roman Abramovich, the Russian billionaire who owned Chelsea for nearly two decades, was forced to sell the club in 2022 after facing sanctions over alleged ties to Vladimir Putin following Russia’s invasion of Ukraine.

American investor Todd Boehly and Clearlake Capital swooped in, paying around £2.5 billion for the club.

After fees and expenses, about £2.3 billion remained—money that Abramovich publicly vowed would go toward a charitable foundation to help victims “on both sides of the conflict.”

The UK Government echoed that promise, assuring that the funds would be directed toward humanitarian causes.

The Money That Never Moved

Despite those assurances, the money has never left the UK.

It’s still sitting untouched in a bank account belonging to Fordstam Limited, a company controlled by Abramovich.

According to fresh filings on Companies House for the year ending June 2022—signed off only last month—the accounts now raise serious doubts about whether all the sale proceeds will ever reach the intended beneficiaries.

“The intention of the owner of Fordstam Limited, Roman Abramovich, as announced in a public statement, is for the company to gift the net proceeds of sale to a charitable foundation set up to benefit those who have suffered due to the war in Ukraine,” the report states.

“Once this is done and all balance sheet items cleared, the intention is to liquidate the company.”

Complicated Financial Ties

Fordstam’s newly published accounts reveal the company made a net profit of £987 million.

However, it also owes a staggering £1.42 billion to Camberley International Investments Limited—a Jersey-registered firm also owned by Abramovich.

By June 30, 2022, the total outstanding balance on all related party loans stood at £1.54 billion.

None of that money, nor the funds earmarked for the charitable foundation, can move anywhere until the UK’s Office of Financial Sanctions Implementation (OFSI) grants a special licence.

Government Frustration Boils Over

Back in June, Chancellor Rachel Reeves and Foreign Secretary David Lammy voiced their growing frustration at the lack of movement.

They accused Abramovich’s team of stalling negotiations and warned that the Government was ready to take the matter to court if necessary.

“The Government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine,” the joint statement read.

“We are deeply frustrated that it has not been possible to reach agreement with Mr Abramovich so far.

While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required.”

What Happens Next?

For now, the £2.3 billion remains frozen, locked behind legal and bureaucratic barriers.

What was once heralded as a landmark act of goodwill has turned into a drawn-out financial standoff—one that leaves Ukrainian war victims waiting for the help they were promised.