Abramovich denies making grab for £1.6bn

ROMAN ABRAMOVICH denied last night that he had U-turned on his promise to write off the £1.6billion he is owed by Chelsea. The Government feared the Russian would try to get the money back when he sells Chelsea, which is expected to happen by the end of the month. Abramovich has been sanctioned, meaning he is not allowed to profit from the deal — but Chelsea had sparked concern by informing the Government the sale was being restructured to pay the debt off to a firm with links to their owner. Abramovich insisted last night that he would not benefit from the sale and rejected claims that he had raised his asking price by £500million at the 11th hour. A spokesperson said

Abramovich remains committed to making sure the proceeds from the sale ‘go to good causes’. They added the loan funds would be frozen but are ‘still earmarked for the foundation’.