UK Permits Sale of Chelsea Football Club via License
The U.K. issued a license allowing the sale of Chelsea Football Club, Culture Secretary Nadine Dorries confirmed in a tweet. The club was subject to an asset freeze after owner and Russian billionaire Roman Abramovich was sanctioned by the U.K.…
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in March related to Russia's invasion of Ukraine. The club was sold to a consortium led by American businessman Todd Boehly. Dorries also said May 26 the U.K. government is confident the integrity of the sanctions regime will be maintained throughout the sale and proceeds will be transferred to a frozen U.K. bank account belonging to Fordstam -- a holding company owned by Abramovich. The U.K. agreed to a Deed of Undertaking that would have Abramovich commit the proceeds to a charity for the purposes of helping victims of the war in Ukraine. The sale also needed the approval of the Portuguese government because Abramovich is a Portuguese passport holder. The Portuguese government gave their consent on May 26, per the Associated Press.