Chelsea owner disqualified by Premier League


The Premier League has disqualified Roman Abramovich as a director at Chelsea, the league said on Saturday.

Chelsea’s assets were frozen after the UK government imposed sanctions on owner Abramovich. The world and European champions were frozen as an asset of Abramovich, who was one of seven Russian oligarchs to be targeted amid the war in Ukraine, along with Igor Sechin, Oleg Deripaska, Dmitri Lebedev, Alexei Miller, Andrei Kostin and Nikolai Tokarev.

The Blues were given a licence to continue fulfilling fixtures and paying staff but are relying on cash reserves to function, with various revenue streams halted as part of the government action on Abramovich because of his alleged ties with Russia President Vladimir Putin.

A Premier League statement read: “Following the imposition of sanctions by the UK Government, the Premier League Board has disqualified Roman Abramovich as a Director of Chelsea Football Club. The Board’s decision does not impact on the club’s ability to train and play its fixtures, as set out under the terms of a licence issued by the Government which expires on 31 May 2022.”

– Olley Q&A: The key questions answered over Chelsea crisis
– Olley, Marcotti: What sale means for Chelsea

Sources have told ESPN that the limitations on spending — which include a cap of around £20,000 ($26,000) on travel to away matches and a (revised) £900,000 ($1.17m) limit on the cost of staging home games — led Barclays to suspend the club’s credit cards for fear of breaching government rules.

Abramovich’s disqualification as a director will not impact the club’s potential sale. He can apply for a separate licence to continue the process — which he is expected to do — but the government will have a level of involvement defined by the terms of that licence when it is agreed.

Final sign-off on the deal will be required by the Department of Culture, Media and Sport, with Abramovich unable to receive any profits from the sale.

Abramovich is now almost certain not to find a buyer willing to pay his £3 billion ($3.9bn) asking price, given the current situation but a quick, cut-price sale increasingly looks the most viable option for all parties. He received multiple bids after putting the club up for sale but not one has matched his valuation as yet, sources told ESPN.

Sources added that a consortium including Los Angeles Dodgers and Lakers part-owner Todd Boehly alongside Swiss billionaire Hansjorg Wyss tabled a bid in an effort to push ahead in the race.

Potential interested parties have until Tuesday to submit offers to New York merchant bank Raine Group, appointed to handle the sale of the club.

Got a story or tip for us? Email Sports Gossip editors at tips@sportsgossip.com 

Want More From Sports Gossip? 

For all the latest breaking Sports Gossip, be sure to follow SportsGossip.com on FacebookInstagram, and Twitter.

You can view the original article HERE.

The Enduring Laughs—and Life—of Harold Ramis | Chaz’s Journal
Apple TV+ Has Another Sci-Fi Hit
Sylvester Stallone Never Recovered From Expendables Injuries, Warns ‘Never Do Your Own Stunts’
The People Who Never Stopped Loving Tenet | Features
Kings Of Leon announce further 2024 UK and Ireland tour dates
TV show made entirely by AI is three to five years away, predicts ‘Slow Horses’ director
Foreigner founder Mick Jones reveals he has been battling Parkinson’s disease for “several years”
Beyonce Has a Number 1 Country Song! Certain Dudes Are MAD
Suits Spinoff Casts the Walking Dead Star to Lead Alongside Stephen Amell
Sam Waterston Exits Law & Order With a Powerful Jack McCoy Story
The Last Airbender Netflix Adaptation Met With Middling Reviews & Rotten Tomatoes Score
Resident Alien Season 3 Episode 2 Review: The Upper Hand
Steinbrenner: Yankees not done trying to improve
Report: Williams won’t hire agent ahead of draft
Marshawn Lynch resolves Vegas DUI case without trial or conviction
Steph ‘100%’ thinks he, Klay, Draymond will end careers with Warriors
Kanye’s Wife Bianca Wears Wildly Revealing Outfit at Milan Fashion Show
What celebrity memoirs and documentaries taught us in 2023 — from Jada Pinkett Smith, Pamela Anderson, Britney Spears and more
Arcángel Is Healing After Tragedy
Bobbi Althoff Says She Settled Divorce with Estranged Husband Cory
Vittoria Ceretti Tells All, Victoria’s Secret PINK & Frankies Bikinis Join Forces
Diane von Furstenberg For Target Designer Collection
How “Fashion Detective” Gab Waller Became Instagram’s Go-to For Luxury Sourcing
Stella Maxwell & Alexander Skarsgård Front Mackage Campaign