Chelsea attribute club’s losses to Abramovich sanction


Chelsea say government sanctions imposed on former owner Roman Abramovich were a factor in the club’s losses of £121.3 million ($148.8 million) for the 2021/22 season.

Russian billionaire Abramovich was sanctioned by the UK government in March last year following Russia’s invasion of Ukraine.

He was described by ministers as part of Russian President Vladimir Putin’s inner circle.

Chelsea were placed under a special licence that restricted their ability to sell tickets, accept event bookings and even sign contracts with players.

The restrictions remained in place until May 30 last year when a new consortium led by American businessman Todd Boehly completed its takeover of the club.

Chelsea said in a statement on Monday that turnover had increased to £481.3 million from £434.9 million the previous year despite the sanctions. Commercial revenue increased to £177.1 million.

The financial results do not cover Chelsea’s acquisitions in the past two transfer…

Source: Vanguard Newspaper