Chelsea in crisis as UK sanctions owner worth Sh1.6 trillion

Chelsea owner has lost Sh479 billion so far this year

Chelsea owner Roman Abramovich.

The sale of Chelsea Football Club has been blocked after the British Government on Thursday, March 10 froze the financial assets of Russian owner, Roman Abramovich.

This, according to the Government is part of a wider set of sanctions announced against a group of wealthy Russian businessmen.

The Government went further to explain it had taken steps to ensure Chelsea would be able to continue its operations and complete its schedule.

Chelsea has been issued a license to continue its football-related activities, including a Premier League match at Norwich City on Thursday night.

"Given the significant impact that today's sanctions would have on Chelsea football club, the Government has this morning published a licence which authorises a number of football-related activities to continue at Chelsea," the statement read in part.

The license, which the government said would be under “constant review,” will ensure that the team’s players and staff will continue to be paid; that fans holding season tickets can continue to attend games.

Abramovich is among eighteen Russian billionaires who have lost over Sh9.6 trillion of their net worth year-to-date, following the invasion of Ukraine by Russian troops two weeks ago.

The government is open to considering a further addition to the special licence which will allow the sale of the club.

However, a condition for that to happen would be that Abramovich, one of Russia's richest people receives no funds. He has previously said that proceeds of the sale would be donated to victims of war.

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