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Roman Abramovich denies demanding return of £1.6bn loaned to the club

Roman Abramovich has denied asking for the £1.6 billion he loaned to Chelsea be returned.

A spokesperson for the billionaire oligarch, compelled to promote Chelsea after being sanctioned by the UK authorities for hyperlinks to Russian president Vladimir Putin, insisted that proceeds from the sale can be frozen in an account with the intention handy it to a charitable basis he’s establishing.

A consortium led by billionaire L.A. Dodgers part-owner Todd Boehly was chosen as the popular bidder by Raine, the American financial institution dealing with the sale course of, and entered into unique negotiations to purchase the membership.

However with the Could 31 deadline looming earlier than Chelsea might successfully exit of enterprise if not granted an extension to its particular licence by the federal government, the saga appeared to hit obstacles earlier this week. It was claimed Abramovich was trying to have the £1.6bn he loaned the membership returned, regardless of insisting he wouldn’t accomplish that from the outset.

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Mr Abramovich has not asked for any loan to be repaid to him – such suggestions are entirely false – as are suggestions that Mr Abramovich increased the price of the club last minute,” his spokesperson mentioned. “As part of Mr Abramovich’s objective to find a good custodian for Chelsea, he has however encouraged each bidder throughout this process to commit investing in the club – including in the academy, women’s team, necessary redevelopment of the stadium as well as maintaining the work of Chelsea Foundation.”

The UK authorities has been adamant that Abramovich may have no say over the place the proceeds of the sale, which might attain £3bn, will go and that none of it’s going to find yourself in his financial institution accounts. The matter was additional difficult, nonetheless, by Abramovich later being sanctioned by the European Union, including an additional layer of restrictions.

“Following sanctions and other restrictions imposed on Mr Abramovich by the UK since announcing that the club would be sold, the loan has also become subject to EU sanctions, requiring additional approvals,” the spokesperson mentioned. “That means that the funds will be frozen and subject to a legal procedure governed by authorities. These funds are still earmarked for the Foundation. The Government are aware of these restrictions as well as the legal implications.

“To be clear, Mr Abramovich has no access or control of these funds and will not have any access or control of these funds following the sale. Despite the changing circumstances since his initial announcement – he remains committed to finding a good custodian for Chelsea and making sure the proceeds go to good causes.”

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Abramovich, 55, is constant along with his plan to ascertain a charitable basis which the proceeds of the sale can finally be transferred to and distributed accordingly.

“Mr Abramovich’s team has identified senior representatives from UN bodies and large global charitable organisations who have been tasked with forming a Foundation and setting out a plan for its activities,” the spokesperson added. “The lead independent expert has had conversations with Government representatives presenting the structure and initial plans.

“Mr Abramovich has not been involved in this work and it has been managed independently by experts with years of experience working in humanitarian organisations.”



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