Abramovich sold Chelsea in May 2022 for about £4.25bn after direct intervention by the UK government, which approved the deal on the condition that £2.35bn of his proceeds be donated to humanitarian causes linked to Russia’s invasion of Ukraine. Nearly three years on, the money has yet to be released.
The funds are held by Fordstam Ltd, a UK-registered company controlled by Abramovich, which carries significant debt to its parent firm, Camberley International Investments. Camberley is based in Jersey, a jurisdiction whose authorities froze assets linked to Abramovich in 2022 as part of an undisclosed criminal investigation.
London insists the asset freeze does not prevent the transfer of the Chelsea funds, citing an existing humanitarian licence. Prime Minister Keir Starmer has urged Abramovich to release the money, stressing that the original commitment still stands.
Abramovich disputes that interpretation and is now mounting a legal challenge against Jersey’s authorities. According to reports, his legal team includes prominent figures from the UK and US, and is focusing on procedural failures by Jersey officials after a court found that key government records related to the case had been lost or deleted.
Despite that ruling, the asset freeze remains in force. As legal proceedings continue, billions of pounds intended for humanitarian relief remain locked in limbo, turning a football club sale into a prolonged international legal standoff.
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