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Men’s Football Chelsea sale funds to be frozen to ensure sole support of humanitarian causes

THE proceeds from the sale of Chelsea will be frozen in a British bank account until the government has received further assurances that the money will solely go to support humanitarian causes in Ukraine, it was reported today.

By 11pm on Tuesday night the government had reached a position where it felt it could issue a licence permitting the sale of the west London club to a consortium led by US businessman Todd Boehly, a move which helps to secure the Blues’ future and effectively help them return to business as usual after months in limbo.

The deal has been one of the most complex in the history of sport, following the government decision to freeze the assets of the Blues’ Russian owner Roman Abramovich in March over his alleged links to the country’s president Vladimir Putin, who ordered the invasion of Ukraine.

Key to the government’s decision to approve the sale late on Tuesday night were the receipt of assurances that no sanctioned individuals, including Abramovich, would benefit from the sale proceeds.

The government expects the funds, understood to be £2.5 billion, to clear into a British bank account in the coming days, at which point they will be frozen. PA understands that onward movement of funds from that account will be subject to the issuing of a further licence.

A spokesperson for Abramovich said earlier this month that an independently managed foundation was being set up to oversee the proceeds of sale.

It has since been confirmed that Mike Penrose, a former executive director of Unicef UK, is helping to establish the foundation.

The government will want further details of the foundation’s plans and governance procedures, to ensure they offer it and the Charity Commission sufficient ongoing oversight of its activities.

The government will not countenance any of the proceeds being used to support the Russian war effort in any way, or any sanctioned individuals.

Owing to Abramovich holding Portuguese citizenship, the British government had to provide assurances to that country’s leadership regarding the arrangements it had made for the sale proceeds, as well as the European Union which has imposed its own sanctions on Abramovich.

Culture Secretary Nadine Dorries tweeted this morning: “Given the sanctions we placed on those linked to Putin and the bloody invasion of Ukraine, the long-term future of the club can only be secured under a new owner.

“We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals. I want to thank everyone, especially officials who’ve worked tirelessly to keep the club playing and enable this sale, protecting fans and the wider football community.”

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