Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Abramovich disqualified as Chelsea director

Abramovich disqualified as Chelsea director

The Premier League has disqualified Chelsea owner Roman Abramovich as a director of the club after the oligarch was sanctioned by the UK government.

Also on Saturday, sleeve sponsor Hyundai became the latest company to suspend its deal with the club.

Abramovich had his British assets - including Chelsea - frozen on Thursday as part of the government's response to Russia's invasion of Ukraine.

The move put the Russian's prospective sale of the club on hold.

The Premier League said Abramovich's disqualification would "not impact on the club's ability to train and play".

Removing an owner from a board would usually trigger the sale of the shares, a process that Abramovich had instigated on 2 March after the threat of sanctions was raised in Parliament.

He had instructed American investment firm Raine Group to seek £3bn for the club, but finance experts believe that price could drop given the current uncertainty around Chelsea.

Raine Group temporarily halted the sale process on Thursday while answers were sought from the government about the implications of the sanctions.

The government is open to considering an addition to the special licence it granted the club that would allow a sale to go ahead.

A condition for that to happen, however, would be that Abramovich - one of Russia's richest people and believed to be close to the country's president, Vladimir Putin - receives none of the proceeds.

The special licence granted by the government will allow fixtures to be fulfilled, staff to be paid and existing ticket-holders to attend matches.

Chelsea, however, cannot receive money for match tickets which have not already been sold, future gate receipts for FA Cup games or money from merchandise sold via the club shop.

The European champions will also be unable to buy or sell players, or offer new contracts, while the sanctions are in place on Abramovich and he still owns the club.

An amendment to the licence has been granted by the government, allowing Chelsea to spend up to £900,000 on costs for home games, up from the £500,000 set on Thursday.

The allowable away costs of travel, however, remain at £20,000 per game.

The licence update also allows the club to receive prize money from existing competitions including Premier League payments and Champions League money for getting through each round.

A statement from the Digital, Culture, Media and Sport (DCMS) confirming the changes to the licence also welcomed the league's move to disqualify Abramovich as a club director.

"The government has made clear that we need to hold to account those who have enabled the Putin regime," the DCMS statement said.

Hyundai suspends deal


South Korean car manufacturer Hyundai is the second sponsor to suspend its deal, after Chelsea's main shirt sponsor Three suspended its £40m-a-year deal on Thursday.

Hyundai signed a multi-year partnership with the Blues in 2018

Like Three, Hyundai has asked for its logo to be removed from the team's shirts "as soon as feasibly possible".

"Hyundai has become one of the strongest partners in football over the years and the company supports the sport to be a force for good," the company said.

"Through our partnership with Chelsea, we are proud supporters of the players, the fans and grassroots football. However, in the current circumstances, we have taken the decision to suspend our marketing and communication activities with the club until further notice."

Hyundai have been Chelsea's sleeve sponsor since 2018


Analysis

Simon Stone, BBC Sport football reporter

The unravelling of Roman Abramovich's time as Chelsea owner is happening at rapid pace.

It is only 28 days since Abramovich celebrated on the pitch with manager Thomas Tuchel as Chelsea became world club champions.

Now, the club is up for sale and Abramovich is becoming a non-person within the Premier League.

He wasn't involved in the sale of the club even before this latest development but it does underline the need for a deal to be done pretty quickly.

The name of the man who changed Chelsea's fortunes may still be revered by some of the club's supporters but it is clear his association with Vladimir Putin is creating serious issues at Stamford Bridge.

A sale cannot come soon enough.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Hungary Ranked Among the World’s Safest Travel Destinations for 2025
G7 Leaders Fail to Reach Consensus on Key Global Issues
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
×