The United Kingdom has hit Russian oligarch Roman Abramovich with economic sanctions , freezing the billionaire’s many assets in the country — which include the Premier League …
The United Kingdom has hit Russian oligarch Roman Abramovich with economic sanctions, freezing the billionaire’s many assets in the country — which include the Premier League soccer team Chelsea FC. The move by the British government means that Abramovich, who has put Chelsea up for sale, cannot benefit financially from any transaction while he is under sanctions. The sanctions will also have ramifications for Chelsea’s day-to-day operations. The club is effectively not allowed to generate income outside of existing contracts, though it can continue to generate revenue from previously signed agreements. While season ticket holders who have already paid for their subscriptions will be permitted to attend matches, the team is not allowed to sell new tickets for future games. The Chelsea club shop, which sells official club merchandise, will have to close. The team is also restricted from signing new contracts with its existing players. While sanctioned, Chelsea can continue paying staffers and players on its payroll, which is valued at $37 million per month. The announcement has also prompted corporate sponsors of the team, among them the telecom firm Three, to reassess their relationship with the club. The logo of Three will disappear from team jerseys after the telecommunications firm suspended its sponsorship.
