LONDON,— British Prime Minister Sir Keir Starmer has taken decisive action to redirect £2.5 billion from the sale of Chelsea Football Club to support humanitarian relief in Ukraine, issuing a formal licence to allow the transfer and warning that legal action could follow if former owner Roman Abramovich does not comply.
The funds were generated when Abramovich was forced to sell Chelsea in 2022 after being sanctioned by the UK government over his perceived ties to Russian President Vladimir Putin following Russia’s full‑scale invasion of Ukraine. Because of those sanctions, the proceeds from the sale to the consortium led by Todd Boehly and Clearlake Capital have remained frozen in a UK bank account ever since.
Financial Times
Starmer told the House of Commons the government had issued a licence that would allow the frozen funds to be transferred into a new humanitarian foundation and put pressure on Abramovich to honour his 2022 pledge that the money be used for Ukrainian relief. He said the “clock is ticking” and that ministers are prepared to take the matter to court if the oligarch fails to act within the designated timeframe.
Chancellor Rachel Reeves criticised the ongoing delay in releasing the funds, labelling the situation “unacceptable” and underscoring the government’s determination to ensure the money reaches those affected by Putin’s illegal war. Foreign Secretary Yvette Cooper echoed these remarks, emphasising that the licence was designed to ensure the money is spent on rebuilding lives devastated by the conflict.
Abramovich, who remains under Western sanctions, has argued that the original conditions of the Chelsea sale licence did not restrict how the proceeds should be used beyond general humanitarian purposes, including for victims on all sides of the conflict. That position has been rejected by UK authorities, who maintain the money should be spent specifically for Ukrainian relief.
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The move by London forms part of broader Western efforts, particularly within the EU, to mobilise frozen Russian assets to aid Ukraine and holds implications for ongoing debates about the legal status and use of such assets.
Background: Abramovich’s ownership of Chelsea, spanning nearly two decades, ended with the 2022 sale. The club’s new owners paid around £2.5 billion, and the government stipulated the proceeds be ring‑fenced for humanitarian purposes after Abramovich’s sanctions barred him from benefiting financially. Despite that pledge, negotiations over how and where the money should be used have stalled until now.
