Chelsea 'could go out of business' if Roman Abramovich faces sanctions

 

Chelsea face the prospect of going out of business if the government decides to impose sanctions against owner Roman Abramovich, a leading financier has warned.

Prime Minister Boris Johnson is coming under increasing pressure from ministers and leading parliamentary officials to seize or freeze Abramovich's UK assets in response to Russia's deadly invasion of Ukraine.

In 2019, Abramovich was named as a person of interest because of his “public association with corrupt activity and practices” in Russia, and it was confirmed earlier this week that prohibitive measures would be put in place to target Vladimir Putin's 'inner circle'.

However, Abramovich, who has close ties with Putin in the past, is yet to be sanctioned despite confirmation earlier this week that Russian banks and businesses would have their assets frozen.

Kieran Maguire, a football finance lecturer at Liverpool University, has now warned that Abramovich, who is owed a £1.5 billion loan by the club, could use the complicated nature of his Chelsea ownership to ward off any threat of government sanctions, which may put in jeopardy the future of the Blues long-term.