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Roman Abramovich is registering a charity for the £2.35billion proceeds from Chelsea's sale, despite UK government demands that the frozen funds only go to Ukraine
Former Chelsea owner Roman Abramovich is poised to challenge the UK government by establishing a charity to donate the £2.35billion proceeds from the sale of the club, despite these funds currently being frozen and the government's insistence that they be released only for use within Ukraine.
When Abramovich announced the sale of the Blues, he pledged to create a 'charitable foundation where all net proceeds from the sale will be donated'. He stated that the funds would be allocated to the 'victims of the war in Ukraine', which has sparked some controversy.
In an effort to move forward, Abramovich has now initiated his plan, as reported by The Telegraph. A foundation is being registered by former Unicef CEO Mike Penrose. However, its mission does not coincide with the government's directive, as it aims to support all victims of conflict, not solely those in Ukraine.
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Abramovich was given a deadline of March 17 to release the funds, but the proceeds are currently inaccessible to the Russian businessman. Fordstam, a company owned by the 59-year-old, had the money frozen when Abramovich was sanctioned, reports the Mirror.
Penrose confirmed in a statement: “I can confirm that I am preparing a submission to the Charity Commission to register a new foundation dedicated to supporting victims of conflict worldwide.
"I am confident in the strength of the board I have assembled, which brings together individuals with significant experience in humanitarian work across the globe.
“The application will be submitted this week. The foundation’s objectives are aligned with those set out in the deed of undertaking, and we are hopeful that, once the relevant legal matters are resolved, the foundation will be in a position to receive a donation.”
The charity's mission will be "for the public benefit, the saving of lives and relief of suffering through the provision of humanitarian assistance to people in need anywhere in the world who are victims of conflict, by the provision of grant financing (or other suitable support) to organisations able to provide relief, humanitarian assistance, post-conflict support and/or reconstruction.”
It now falls on the UK Government to respond, having previously hinted at potential legal action. They must determine whether to make an urgent intervention to prevent the charity's registration.
A spokesperson for Abramovich stated: “Our understanding is that a foundation is currently in the process of being registered, which we welcome. Mr Abramovich maintains his intention to donate funds to humanitarian causes once the relevant legal obstacles are resolved.”
Prime Minister Keir Starmer has previously urged Abramovich to fulfil his promise.
Addressing the House of Commons in December, he stated: "Honour the commitment you made and pay up now, and if you don't, we are prepared to go to court so every penny reaches those whose lives have been torn apart by Putin's illegal war."
English (US) ·