Chelsea sale to generate £2.35bn for charity to help people affected by war in Ukraine

The sale of Chelsea to the consortium led by Todd Boehly will net £2.35bn to go to charity for the people affected by the war in Ukraine, the Evening Standard reports.

Christopher Watts, deputy director of the Office of Financial Sanctions Implementation (OFSI), told MPs the money was frozen in a UK bank account.

Roman Abramovich will not get a penny after the club has been sold for £4.25bn as he is still under UK sanctions.

"We had to understand who the buyers were, where the money was going, make absolutely sure that none of it was able to get near a designated person, what the net proceeds would be that were going to charity and then make sure that those were frozen in a UK account awaiting the move to charitable causes," Watts said.

"The net proceeds, which are frozen in an account awaiting the next step which is to try and establish the charitable vehicle to let those funds go to Ukraine, are £2.35 billion."

Abramovich was forced to sell the club after he was sanctioned by the UK. The authorities have branded him a 'pro-Kremlin oligarch' and accused him of enabling Vladimir Putin's regime in Russia that wages the war in Ukraine.

Source: Evening Standard