Chelsea players fearful for future after UK freezes Abramovich’s assets
Chelsea players are fearful about their futures after an extraordinary day on which Roman Abramovich was hit with government sanctions and the mobile phone company Three suspended its sponsorship of the club.
The government’s decision to freeze Abramovich’s assets – and bar him from selling the club for the time being – plunged Chelsea into a state of limbo, with one dressing-room source describing the atmosphere as “chaos” and some worried that the club could go into administration.
The Guardian also understands some of the players are concerned about the direction of the club and, by extension, their own futures, and are desperate for clarity. They are alarmed because one of the stipulations that has arisen from the sanctions is that Chelsea are unable to sign players or renew existing contracts.
On a day of uncertainty and confusion, Chelsea were:
• Blindsided by the government’s decision on Thursday morning to freeze Abramovich’s assets because of the oligarch’s ties with Vladimir Putin and the Russian government. Abramovich will now need approval from the UK government before selling the Stamford Bridge club.
• Told they could compete only under a special licence that will allow them to fulfil their fixtures, but will force the club to cease many of its commercial activities, including future ticket sales, and see its broadcast money frozen.
• Hit by Three suspending its sponsorship, including the removal of its brand from shirts and around the stadium “until further notice”.
• Were banned from signing players and new contracts.
The men’s team have three important first-team players whose deals are set to end in the summer – César Azpilicueta, Antonio Rüdiger and Andreas Christensen. The women’s team have five squad members whose contracts expire at the end of the season: AnnKatrin Berger, Maren Mjelde, Jonna Andersson, Ji So-yun and Drew Spence. Christensen is believed to have an agreement in principle to join Barcelona as a free agent. Neither the men’s manager, Thomas Tuchel, nor the women’s, Emma Hayes, is understood to be considering their futures at the club at the moment.
On Thursday afternoon Chelsea held talks with the government in the hope of softening some of the restrictions it faces – including a £20,000 limit on costs for away matches. But while the government is understood to be receptive to making some changes, it has been made crystal clear that Abramovich cannot benefit in any way.
The government is open to considering an application for a new licence that would permit a new owner at Stamford Bridge if a suitable bid emerges, but Abramovich will not be permitted to profit from any sale.
However, much of the detail is yet to be decided, including where the proceeds of a deal could end up.
Discussions continue between the Treasury, the Premier League and the Department for Digital, Culture, Media and Sport. One source said: “The primary thing today is about taking action on oligarchs with close ties to the Kremlin. We’re working through some of those wider implications at the moment.”
In a private letter to Conservative MPs, seen by the Guardian, the culture secretary, Nadine Dorries, made it clear the government wanted to ensure that Chelsea survived, and saw the club as a cultural asset. “The government understands that today’s sanctions will have a direct impact on the club, its fans and the wider football pyramid,” Dorries wrote. “We have therefore been working hard to ensure that the national game, the Premier League, the club and its fans are not unnecessarily harmed by these important sanctions.”
It is understood the decision to impose sanctions on Abramovich, which was announced on Thursday morning, has not deterred potential bidders. Sources said a consortium led by Todd Boehly and Hansjörg Wyss has not ended its interest in buying Chelsea. The British property tycoon Nick Candy has also been working on putting a bid together and representatives for Muhsin Bayrak have said the Turkish businessman remains determined to buy the club.
For the time being, though, Chelsea are in turmoil. Abramovich cannot put any money into the club or take any out of it. The 55-year-old has given Chelsea £1.5bn worth of loans since buying them in 2003. The club’s latest accounts revealed a loss of £145.6m in the last financial year, although that was put down to the impact of the pandemic.
Funding is provided by Fordstam Limited, a company owned by Abramovich. As one source said: “Who would buy a club with a £1.5bn loan hanging over it?”
The UK has targeted Abramovich as part of its response to Russia’s actions in Ukraine. In a document published by the government in the morning, Chelsea’s owner was identified as “a proKremlin oligarch” and was said to be “associated with a person who is or has been involved in destabilising Ukraine and undermining and threatening the territorial integrity, sovereignty and independence of Ukraine, namely Vladimir Putin, with whom Abramovich has had a close relationship for decades”.
Abramovich, under whose ownership Chelsea have won 21 trophies, put the club up for sale last week. He appointed the New York-based bank the Raine Group to oversee the process. The Times has reported that lawyers for the Raine Group had contacted all interested parties after the government’s announcement that “the process has been paused as the parties consider the implications of the developments and discuss the next steps with the relevant UK authorities”.
There has been speculation Chelsea’s next owners will come from America. Woody Johnson, the owner of the NFL’s New York Jets, is reportedly readying a bid. Thomas Ricketts, chair of MLB’s Chicago Cubs, has been mentioned and there is reported interest from Josh Harris, whose companies own the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils, although his stake in Crystal Palace could be a complicating factor.
A spokesperson for the Chelsea Supporters’ Trust said: “The CST notes with concern the government’s statement regarding the owner. Supporters must be involved in any conversation regarding ongoing impacts on the club and its global fan base. The CST implores the government to conduct a swift process to minimise the uncertainty over Chelsea’s future, and for supporters to be given a golden share as part of a sale of the club.”
Abramovich’s spokesperson been approached for comment. has