Key facts
- Funds from Roman Abramovich's sale of Chelsea FC have earned at least £175 million in interest.
- The proceeds of the sale have grown from £2.3bn to nearly £2.5bn.
- £114m in interest was earned in 2024, and nearly £63m the year before.
- The money remains frozen in a Barclays bank account due to a dispute with the UK government.
- A criminal investigation into the source of Abramovich's wealth is being conducted by Jersey authorities.
- There is uncertainty regarding the repayment of £1.4bn in loans to Abramovich's offshore companies.
Funds from Roman Abramovich's sale of Chelsea FC have accrued over £175 million in interest while held in a UK bank account, according to new company accounts. The money, initially £2.3bn, has grown to nearly £2.5bn, with £114m earned in 2024 and nearly £63m in the preceding year. This rapid accumulation of interest has led one analyst to describe the company holding the funds, Fordstam, as "the most profitable football business in the world."
The proceeds remain frozen due to a dispute between Abramovich and the UK government regarding their intended use. While Abramovich pledged to donate the money to victims of the war in Ukraine, the government insists the funds must be used for humanitarian causes in Ukraine. The UK government has indicated it is preparing for potential legal action to ensure this promise is kept.
Further complicating the situation is a separate criminal investigation by Jersey authorities into the origin of Abramovich's wealth. Additionally, there is uncertainty over whether £1.4bn in loans extended by Abramovich's offshore companies will be deducted from the final sum available for donation. Football finance expert Kieran Maguire suggested that the continued presence of the sum due to his offshore company in the accounts implies only profits, not the entire sale proceeds, may be donated.
Roman Abramovich was sanctioned by the UK in 2022 due to his ties to Vladimir Putin. The release of the funds to him would require a license from the Office for Financial Sanctions Implementation (OFSI). The Jersey investigation is examining the source of Abramovich's wealth, including the 2005 sale of his oil and gas company Sibneft.