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EPL: Chelsea owner Abramovich rejects claims of reneging on £1.5bn loan plans

A spokesperson for Chelsea owner, Roman Abramovich has released a statement rejecting media and UK government claims of plans to renege on his intentions not to call in the £1.5bn loan the club has accumulated from him over the last 19 years.

In a statement, Abramovich’s representative said:

“Following speculation in media in relation to the sale of Chelsea FC, we would like to clarify the following points…

“Firstly, Mr Abramovich’s intentions in relation to gifting the proceeds from the Chelsea sale to charity have not changed.

“Since the initial announcement, Mr Abramovich’s team has identified senior representatives from UN bodies and large global charitable organizations who have been tasked with forming a Foundation and setting out a plan for its activities. The lead independent expert has had conversations with Government representatives presenting the structure and initial plans.

“Mr Abramovich has not been involved in this work and it has been managed independently by experts with years of experience working in humanitarian organizations.

“Secondly, Mr Abramovich has not asked for any loan to be repaid to him – such suggestions are entirely false – as are suggestions that Mr Abramovich increased the price of the Club last minute. As part of Mr Abramovich’s objective to find a good custodian for Chelsea FC, he has however encouraged each bidder throughout this process to commit investing in the Club – including in the Academy, Women’s team, necessary redevelopment of the stadium as well as maintaining the work of Chelsea Foundation.

“Following sanctions and other restrictions imposed on Mr Abramovich by the UK since announcing that the Club would be sold, the loan has also become subject to EU sanctions, requiring additional approvals. That means that the funds will be frozen and subject to a legal procedure governed by authorities. These funds are still earmarked for the Foundation. The Government are aware of these restrictions as well as the legal implications.

“To be clear, Mr Abramovich has no access or control of these funds and will not have any access or control of these funds following the sale. Despite the changing circumstances since his initial announcement – he remains committed to finding a good custodian for Chelsea FC and making sure the proceeds go to good causes.”

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