In Britain, proceeds from Abramovich’s sale of Chelsea earned £175 million in interest
In the United Kingdom, frozen proceeds from the sale of Chelsea Football Club, which was owned by Russian billionaire Roman Abramovich, have generated at least £175 million in interest income. According to The Guardian World, the amount of sale proceeds in the accounts of Fordstam, through which Abramovich owned the club, rose from £2.3 billion to nearly £2.5 billion.
Interest on frozen funds
The initial amount was £2.35 billion. The money is held in a Barclays account in the United Kingdom and remains frozen amid a dispute with the British government over its future use.
In 2024, the funds generated £114 million in interest, while in 2023 they generated nearly £63 million. The latest accounts cover the period through June 2024, so the total interest income may have increased since then.
Stefan Borson, head of sports at the law firm McCarthy Denning and an expert in football finance, called the company holding the frozen funds “the most profitable football business in the world.” At the same time, he noted that the accounts provide no new information on progress in distributing the proceeds from the club’s sale.
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Dispute over the use of funds
Abramovich, who was placed under British sanctions in 2022 due to his ties with Vladimir Putin, previously promised to transfer the money to victims of the war in Ukraine. The British government insists that the funds must be directed to humanitarian needs in Ukraine and continues preparing for a possible lawsuit after Abramovich failed to meet the March 2026 deadline for releasing the funds.
According to the publication, Abramovich may insist that Fordstam repay £1.4 billion in loans provided by Camberley International Investment, a company registered in Jersey. This could reduce the final amount available for donation. While Abramovich remains under sanctions, the return of these funds will require a licence from the UK Treasury’s Office of Financial Sanctions Implementation.
Investigation in Jersey
Jersey prosecutors are separately investigating whether the proceeds from the sale of Chelsea may be considered proceeds of crime as part of a case involving possible corruption and money laundering. The investigation is also examining the origin of part of Abramovich’s wealth, including the circumstances of the sale of his oil and gas company Sibneft, which was acquired in 2005 by the government of Russia, the aggressor state, for $13 billion.
