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British PM cautions Abramovich time is running out on Chelsea sale proceeds

British PM cautions Abramovich time is running out on Chelsea sale proceeds
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On Wednesday, UK Prime Minister Keir Starmer cautioned former Chelsea proprietor Roman Abramovich that time is running out concerning the £2.5 billion ($3.4 billion) held in frozen assets from the clubs sale, set aside to assist victims of the conflict in Ukraine.

Addressing parliament, Starmer stated to Abramovich: "Honour the commitment you made and pay up now, and if you don't, we are prepared to go to court so every penny reaches those whose lives have been torn apart by Putins illegal war." 

Government officials in June voiced their frustration regarding the inability to finalise an agreement with Abramovich on the allocation of the funds from the May 2022 transaction.

The UK administration seeks to channel the money into relief initiatives in Ukraine, yet the business magnate maintains it should aid all those affected by the hostilities, including individuals in Russia.

A group headed by American investor Todd Boehly acquired the prominent Premier League side after Abramovich faced sanctions in response to Russian leader Vladimir Putins incursion into Ukraine.

The restricted assets are currently secured in a British banking facility.

These funds remain under Abramovichs legal ownership and require authorisation from the Office of Financial Sanctions Implementation for any transfer.

Nevertheless, Starmer informed members of parliament on Wednesday that the government is now providing this authorisation.

"I can announce that were issuing a licence to transfer £2.5 billion from the sale of Chelsea Football Club thats been frozen... since 2022," he declared.

"My message to Abramovich is this: the clock is ticking," the prime minister continued.

The 59-year-old tycoon holding Russian and Israeli citizenship acquired the club in 2003, boasting an estimated net worth of $14.5 billion in 2021. 

Under Abramovichs stewardship, Chelsea experienced its greatest triumphs, claiming two Champions League trophies, five Premier League titles, five FA Cups, two Europa League victories, and one Club World Cup.