Jersey authorities may be investigating whether the cash raised by Roman Abramovich’s 2022 sale of Chelsea FC amounts to proceeds of crime, according to documents filed at Companies House. The accounts for Fordstam Ltd, the company through which the Russian oligarch owned the club, show the frozen sale proceeds have risen to £2.4bn, sitting in a Barclays Bank account.
The accounts reveal that a £1.4bn interest-free loan provided by Abramovich’s Jersey-based company, Camberley International Investments Ltd, could be affected by an ongoing criminal investigation by Jersey’s attorney general. The probe is looking into whether certain assets, potentially including the net sale proceeds, amount to proceeds of crime. Abramovich has previously denied any wrongdoing.
The frozen cash has been held since 2022 when sanctions were imposed on Abramovich following Russia’s invasion of Ukraine. The oligarch insists the money is his to allocate, leading to a potential legal battle with the UK government, which wants to ensure none of the funds are used outside Ukraine. The accounts also note that repayment of the Camberley loan would require a licence from the Treasury’s Office of Financial Sanctions Implementation.
Additionally, the accounts confirm that Chelsea FC’s current owners have a £150m buffer against any financial sanction from football authorities over rule breaches during Abramovich’s tenure. The holdback clause, part of the takeover deal by BlueCo 22, covers proceedings related to events before the acquisition. The FA has charged the club with 74 breaches involving payments to agents for transfers of players such as Eden Hazard, Willian and Samuel Eto’o.
The higher-than-expected £150m buffer has intensified calls for a sporting penalty, such as a points deduction, should Chelsea’s success under Abramovich be found to have relied on financial rule-breaking. There is no suggestion of wrongdoing by the current owners.
