Juls and Gab discuss the impact of the sanctions on Roman Abramovich. It was 1:44. For almost two decades, Roman Abramovich has been free to bankroll any team he wanted, but that changed on Thursday morning. The U.K. government imposed sanctions on seven Russian businessmen with close ties to Russian President Vladimir Putin after two weeks of intense pressure to act. The U.K. imposed a ban on all transactions with U.K. individuals and businesses because of the assets being frozen by Abramovich. The U.K. government offered a comprehensive and damning alternative view in a document accompanying the decision. Abramovich is associated with a person who is or has been involved in destabilising Ukraine and threatening the territorial integrity, sovereignty and independence of Ukraine, namely Vladimir Putin, with whom he has had a close relationship for decades. The beautiful game is here. Leagues, tournaments and teams can be watched.
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The decision, in place until May 31, directly impacts the club as it has been frozen as an asset in a way that he had previously tried to avoid.
The trustees of the Blues' charitable foundation were given stewardship and care of the club by him as criticism over a lack of sanctions began to focus on him. According to sources, lawyers began to work out the details of the ambiguous term andTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkia
He put out that there was skepticism from the trustees over whether the foundation was a good vehicle to run the club, and that it would not be enough to insulate the club from any punishment against the Russian. Although no interested party has so far come close to matching Abramovich's valuation, this government intervention casts a Chelsea sale and even the day-to-day running of the club into unprecedented territory.
The club has won 21 trophies in 19 years, more than any other English club, but the ownership of the club is coming to an ignominious end. The key questions are being answered by ESPN.
It is massive. According to sources, senior figures at the clubs were taken aback by the decision. The expectation was that he would be given time to sell and that the government would intervene.
The Raine Group, the New York merchant bank appointed to handle the sale, set a deadline of March 15 for interested parties to submit bids, which was also the day the government could act on emergency legislation. The bill would make it harder to hide assets in the U.K., as well as make it easier to issue sanctions moving forward. They did not need it, which will be the subject of a heated political debate in the weeks to come.
Nobody connected to the 55-year-old had said whether he would appeal the decision as of Thursday afternoon.
The document detailing the government's reasoning was published by the Treasury's Office of Financial Sanctions Implementation. It suggests a wide range of questionable activity, including companies linked to Abramovich receiving tax breaks, buying and selling shares from and to the Russian state at favorable prices.
The Government of Russia and Putin are accused of giving preferential treatment to Abramovich, as well as targeting him for his stake in the steel mining and manufacturing company. The company is accused of supplying steel to the Russian military, which may have been used in the production of tanks.
It is more complicated now. The process is on hold because the immediate consequence of the sanctions is to freeze the club as an asset, meaning thatAbramovich cannot put in or take out any money of the club, or pass ownership to someone else. He can apply for a licence to sell the club.
According to sources, the Department for Culture, Media and Sport would make it clear that any licence would not allow the sale of the club while the owner is subject to sanctions. The DCMS and the Treasury are working closely with the club and the league on the implications of today's announcement, but that where money would go would be considered under the terms of a new licence application to permit a sale.
He can't benefit while assets are frozen. Sources claim his charitable foundation could not benefit either, although he has previously suggested he will donate any net proceeds of a sale to victims of the war in Ukraine to a charity. The government would have to be satisfied that the proceeds of the sale wouldn't benefit him. When the application for a sale licence is made, the precise destination of any proceeds would be determined.
If the government effectively took control of the club, the price would not reflect the independent market valuations of the club. Once the license for a sale is submitted, government involvement would be determined, but it is not clear how that would work. It is too early to know how interested parties will react to the latest revelations, but buyers might seek to revise their position and reduce their offers.
Yes. As a result of the action againstAbramovich, the club was given a licence to operate as a club. Nadine Dorries is Britain's minister of sport and she said that football clubs are cultural assets. We are committed to protecting them.
There are a number of restrictions on the teams playing games and paying staff, but this means they can. The club can't make money from this point on because the owner of the club could benefit financially. The club shop has already closed and staff at the hotel have been told they can't accept bookings for the foreseeable future.
Fans with individual match tickets that have been purchased can attend as usual because those transactions were made before the decision was made. Cup matches are not included with the season ticket, so they have to play behind closed doors. If tickets for the FA Cup quarterfinals were not sold before Thursday, away fans will not attend the game, and fans of the other team will not be able to purchase tickets.
The situation is still not clear, but it is possible that future away games for which tickets have not been sold will be the same.
Any money generated by the club within existing agreements would be paid to the club as written, but would be frozen until either the club is sold or the owner is no longer under sanction.
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They have strict limits on their operating costs for the foreseeable future. The club can only spend $500,000 on staging a home game and 20,000 on away travel. It will likely mean cutting back on the number of backroom and logistical staff travelling to games, as it is estimated that a typical away trip in Europe costs around $300,000, and only slightly less for a premier.
It is likely that the trip to Lille will be pre-paid and that it is a short flight from London. European trips in the later rounds could be more problematic if the first leg is any indication.
In a statement released on Thursday afternoon, it was indicated that they are seeking more leniency in their operations.
Several players with contracts set to expire at the end of the season can't be re-signed by the club because they can't sign new deals. Cesar Azpilicueta and Antonio Rudiger are both free agents this summer, as are Jonna Andersson and Drew Spence. According to sources, the coach of the women's soccer team is seeking clarification over her position because she is on a rolling one-year deal.
Three, the club's main shirt sponsor, temporarily suspended their agreement and asked for their logo to be taken off all kits, as they reacted negatively to the news. The car manufacturer and official partner of the club are currently assessing the situation.
Even though the transfer market is closed, no new transactions can be agreed while the club is frozen. If the cash in the club is enough to meet the obligations, outstanding payments on existing deals will continue as usual. According to sources, this includes payments relating to the deals for Ben Chilwell and Timo Werner.
Their accounts for the year ending June 30, 2021, were published in December. The figure is a fraction of their domestic rivals.
The club will continue to receive funds from existing broadcast and sponsorship deals, even though they will be frozen in accordance with the sanctions. Money can be used for things like employee wages, travel costs, taxes, payments to other clubs and matchday logistics, as outlined in Section 4 of the license the club was granted in order to remain in operation. The club has made no secret of how reliant they have been on the personal wealth of their owner. The revenue figure may have been artificially low as the impact of the coronaviruses and games being played behind closed doors will have impacted upon their revenue.
The club has averaged a 75 million annual profit over the last three years and they will need the freedom to act in the summer so they can continue building this revenue stream. Three's decision to suspend their kit sponsorship could heighten pressure on cash flow given that other partners are considering the same path.
The club's latest set of accounts showed an income of 153.6m in commercial revenues. The deals are not public. If payments are made on a singular, annual basis, the club will already have received the income, but if it is staggered throughout each season, there will be an immediate financial impact and public relations damage. There have been suggestions that the club could be placed into administration if they ran out of cash, but given the government's openness to granting a licence for sale, this current stress test of the club's finances is not likely to lead to a points deduction.
The pace of any negotiations over a sale is impossible to determine, and without further concessions from the government on their licence to operate, the more this pressure will grow.
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