Former Roman Abramovich is preparing a bold move to bypass the UK government’s restrictions on the frozen £2.35 billion proceeds from the sale of Chelsea FC, by establishing a new international charitable foundation.
The Russian billionaire, who was forced to sell the club in 2022 following sanctions imposed after the Russian invasion of Ukraine, aims to redirect the funds toward global humanitarian causes—directly challenging the UK government’s insistence that the money be used exclusively for Ukraine.
A New Foundation Strategy
Abramovich’s plan centers on the creation of the “Foundation for Victims of Conflict,” which will be overseen by Mike Penrose. The foundation is expected to be formally submitted for registration with the Charity Commission this week.
Penrose confirmed the initiative, stating that the foundation will focus on supporting victims of conflict worldwide, signaling a broader humanitarian scope than what UK authorities currently permit.
Political and Legal Tensions
The UK government—first under Boris Johnson and now led by Keir Starmer—has maintained a firm stance: the funds will remain frozen unless Abramovich agrees they be allocated solely to Ukraine.
Starmer has previously warned of potential legal action if the stalemate continues, emphasizing that time is running out for a resolution.
However, Abramovich’s legal team disputes this condition, arguing that the proceeds are legally his and that restricting their use to Ukraine was never part of the original agreement. They have also suggested that the UK government’s position amounts to a punitive measure.
Background: Chelsea Sale Still in Limbo
Chelsea was sold in May 2022 to a consortium led by Todd Boehly and Clearlake Capital, but the funds generated from the sale have remained frozen in a UK bank account ever since.
Complicating matters further is an ongoing investigation in Jersey, where billions in Abramovich-linked assets were seized by local authorities shortly after the sanctions were imposed.
What Happens Next?
Abramovich’s latest move signals a potential escalation in what has become a prolonged legal and political standoff. If the foundation is approved, it could test the limits of UK authority over sanctioned assets—and potentially reshape how frozen funds tied to geopolitical conflicts are handled in the future.
For now, the £2.35 billion remains locked, with both sides holding firm in a dispute that blends sport, politics, and international law.