Billionaire Roman Abramovich has been frozen by the British Government and banned from selling Chelsea club. But why is that?
The British government has announced Abramovich is one of seven Russian businessmen who will have their assets frozen indefinitely, in retaliation for Russia's attack in Ukraine. According to The Times, this means that any transfer to Chelsea will not be allowed to take place.
According to journalist Henry Winter, the British government claims Roman Abramovich "is or has been involved in destabilizing Ukraine... through Evraz PLC, a steel mining and manufacturing company... over which Abramovich exercises effective control." fruit". The government claims potential links between Evraz "and the supply of steel to the Russian military".
According to allegations by the British government, Abramovich is the largest shareholder of the Evraz group (28.6% stake), a corporation that supplies steel to the Russian military to build armored vehicles and other war vehicles. . The group's income has increased 45% to $14.2 billion in the past two years due to contracts with the Russian military.
Evraz shares are listed on the London Stock Exchange and the group also has a branch in North America (it even supplied steel to the US military). Even so, Evraz stock has dropped 30% in the past two weeks after the war broke out and Western nations imposed economic sanctions on businesses that abet Russia.
According to The Times's Steven Swinford, Abramovich's assets in the UK are all "frozen" and Chelsea club is among them. However, the British Ministry of Finance has given Chelsea a special license for the club to continue operating so their football matches are not affected. However, Abramovich could not sell the club.
Even if Abramovich sold Chelsea, he wouldn't receive a dime. Swinford said the British Government considers Chelsea a special property of British culture and besides, the transfer of ownership of Chelsea needs to be through the supervision of a special council. Abramovich will not receive money to sell Chelsea either directly or indirectly.
Abramovich is among seven major Russian businessmen whose assets have been frozen, citing his close relationship with Russian President Vladimir Putin. Abramovich has benefited quite a bit from football-related economic activity, including tax breaks for his company, stock trading at bargain prices and bidding for World Cup -related commercial contracts 2018.
Even Chelsea's operating license is an extremely ambiguous thing, because Chelsea can only let fans buy season tickets to watch, but not sell tickets. The club is paid salaries for players and coaches, and is paid for travel expenses, security costs, club operations, etc. But travel costs for their away matches are capped at £20,000, a figure that would give Chelsea a headache if they play away in the Champions League.
In equally negative news for Chelsea from a commercial perspective, one of their sponsors, the Three telecommunications group, has confirmed that it is considering cutting the sponsorship contract of £ 40 million/year for Chelsea. Some other sponsors like Nike are also intending to do the same.
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