Money from Chelsea sale generated another £175 million, but Ukraine has yet to receive it
Frozen proceeds from the sale of the Chelsea football club by Roman Abramovich have generated at least £175 million in interest income. Yet more than four years after the deal, the multi-billion-pound sum still has not been directed to help Ukraine.
This is evidenced by new financial statements from Fordstam, the company through which Abramovich owned Chelsea, reported The Guardian. The proceeds from the sale of the club have grown from approximately £2.3 billion to almost £2.5 billion due to interest, while the money remains blocked in a bank account in the UK.
In 2024 alone, the funds generated about £114 million in interest, and the year before nearly £63 million. At the same time, the published statements cover only up to June 2024, so the actual interest income to date could be significantly higher than £175 million.
Against this backdrop, financial expert Stefan Borson ironically called Fordstam “the most profitable football business in the world”: the company effectively conducts no football activity but continues to receive large interest income on frozen funds.
Abramovich sold Chelsea in May 2022 after the UK imposed sanctions on him over his ties to the Russian leadership following Russia’s full-scale invasion of Ukraine. The proceeds from the deal were placed in a frozen account in the UK, and they can only be used with the permission of British authorities.
At the time of the sale, Abramovich stated that the net proceeds should be transferred to charitable purposes to help victims of the war in Ukraine. However, a subsequent dispute arose between him and the British government over the geographic scope of the use of funds.
London insists that the money should go to humanitarian programmes directly in Ukraine. In December 2025, British authorities issued the necessary licence to transfer more than £2.5 billion and warned Abramovich of possible legal action in case of further delay.
However, Abramovich advocates a broader interpretation of the original promise and wants the funds to be used to help all victims of the war, not solely those in Ukraine. In March 2026, he missed the deadline set by the British government for transferring the funds, after which authorities began preparing for a possible lawsuit.
The situation is further complicated by the issue of £1.4 billion in loans that a structure linked to Abramovich, Camberley International Investments, provided to Fordstam. It is yet unclear whether these liabilities will be deducted from the amount that could ultimately be directed to charity. Due to existing sanctions, this money cannot be returned to Abramovich’s structures without a separate permit from the UK Office of Financial Sanctions Implementation.
Another factor was an investigation by authorities on the island of Jersey. The prosecution is examining the origin of Abramovich’s wealth as part of an investigation into possible corruption and money laundering, including the circumstances surrounding the accumulation of capital linked to the Russian oil and gas company Sibneft. Abramovich’s representatives have previously denied any wrongdoing.
The British government stated that its priority remains transferring the funds to the most vulnerable people in Ukraine and that preparations for possible legal action against Abramovich continue.
Thus, while the dispute over the fate of the funds continues, the frozen money itself keeps generating interest income. The new financial statements show at least £175 million of such income, although the real amount by September 2026 is likely already higher.
Based on: The Guardian, UK Government
