New financial accounts reveal that proceeds from Roman Abramovich’s 2022 sale of Chelsea FC have generated at least £175 million in interest while held in a UK bank account. The total value of the funds, originally £2.35 billion, has now climbed to nearly £2.5 billion. This rapid growth led football finance expert Stefan Borson to describe Fordstam—the company through which the Russian oligarch owned the club—as the most profitable football-related business in the world.
Abramovich, who faced UK sanctions in 2022 following his connections to Vladimir Putin, previously committed to donating the sale proceeds to victims of the war in Ukraine. However, the funds remain frozen, caught in a complex legal dispute with the British government regarding the ultimate destination of the money. While the UK government insists the capital must be used for humanitarian aid in Ukraine, reports suggest Abramovich may prefer to direct the funds toward a foundation with a broader global mandate.
The situation is further complicated by a potential £1.4 billion debt. There is significant uncertainty over whether this amount, linked to a network of offshore companies used to finance Chelsea’s operations, will be deducted from the final donation. Football finance analyst Kieran Maguire noted that the inclusion of this debt in the accounts implies that Abramovich might only intend to donate the profits from the sale rather than the entire sum.
A government spokesperson reaffirmed that the priority remains ensuring the funds reach vulnerable Ukrainians who have endured over four years of conflict. Officials have stated that the government is preparing for potential legal action if necessary, as Abramovich failed to meet a March 2026 deadline to release the funds.
Adding to the legal hurdles, any repayment of the £1.4 billion loan to Abramovich’s Jersey-based vehicle, Camberley International Investment, is currently prohibited without a license from the Office for Financial Sanctions Implementation (OFSI). Furthermore, authorities in Jersey are conducting a separate criminal investigation into the origins of the tycoon’s wealth.
This ongoing inquiry focuses on the source of much of the billionaire’s fortune, specifically examining the 2005 sale of his oil and gas firm, Sibneft, to the Russian government for $13 billion. Investigators are currently assessing whether the proceeds from the Chelsea sale could be classified as the proceeds of crime.
The financial data shows that the frozen funds earned £114 million in 2024 and approximately £63 million in 2023. Given that two additional years have passed since the most recent reporting period in June 2024, the total interest accrued is likely significantly higher than the current figures suggest.
As of now, the £2.5 billion remains held in a Barclays account. Legal representatives for Roman Abramovich were approached for comment regarding the status of the funds and the ongoing disputes. The report also notes that there is also uncertainty about whether £1.4bn in loans – part of a vast network of offshore companies that the oligarch used to fund Chelsea’s success – will be deducted from the final sum available for donation. The report also notes that the money, an initial £2.35bn, has been accruing interest rapidly, earning £114m in 2024 and nearly £63m the year before that, in the meantime. The report also notes that the latest date covered by the accounts, the total is likely to have risen significantly because another two years have elapsed since June 2024. The report also notes that a football finance expert who is head of sport at the law firm McCarthy Denning, said: “With the interest received, this now appears to be the most profitable football-related business in the world,” a tongue-in-cheek reference to the lack of profitability among high-spending football clubs, stefan Borson. The report also notes that “It sheds no further insight as to what progress (or otherwise) has been made in distributing the proceeds of the sale.”. The report also notes that according to reports, Abramovich is prepared to defy ministers by giving it to a foundation with a more global outlook, the government wants the money to be earmarked for Ukraine but. The report also notes that including continuing preparations for potential legal action if necessary, the government is taking further steps to ensure that promise is kept.
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