Chelsea bank accounts frozen following Roman Abramovich sanctions

Chelsea’s bank accounts have been frozen after the UK government sanctioned owner Roman Abramovich, it has been confirmed.

The club received a special license to continue its football-related activities, but the sale effectively prohibits the sale of the club after Abramovich’s sanction.

Chelsea’s special license takes effect from 10 March 2022 and expires 31 May 2022. HM Treasury may amend, revoke or suspend this license at any time and the details have been released.

According to the Times, Chelsea’s bank accounts have now been frozen. leave the club facing ‘financial paralysis‘.

The report says sources have warned that, despite the license allowing Chelsea’s day-to-day operations to continue, several of the club’s business accounts, including credit cards, have been frozen.

This is because banks are “risk averse”, as one source told The Times: “The license allows the club to continue its day-to-day activities but the banks don’t have a taste for risk for that. They froze some corporate credit cards. It puts a lot more pressure on the club.

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A senior club source went on to confirm that the club were concerned about the situation as they said: “This makes it even more difficult to manage our day-to-day operations.”

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The implications of the bank account freeze remain to be seen as The Times continues to claim the “immediate concern” for Chelsea is that the crisis could trigger an administration and a nine-point deduction.

Sky Kaveh continued to report that Barclay’s, one of the banks used by Chelsea, needed time to review the licence. Chelsea hope the temporary suspension will be lifted shortly.

While initial reports emerged that the Abramovichs could no longer sell the club due to the sanctions, it has since been revealed that Chelsea can still be sold if the Russian is willing to allow the government to resume the sale process.

That could be the next step as Chelsea seek advice from UK officials over a potential sale, with Nick Candy and the Hansorj Wyss-Todd Boehy consortium just two interested parties.


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Shawanda H. Saldana