Roman Abramovich finds himself in a race against the clock to reclaim funds that were withheld from Chelsea's 2022 sale. His company, Fordstam, claims it might be owed around £150m, but much of this amount has been written off due to uncertainties over its return.
Chelsea was sold to a consortium led by Todd Boehly and Clearlake Capital for £2.5bn. As part of the deal, the new owners withheld up to £150m to cover potential financial claims and sanctions linked to events from the previous regime.
According to Fordstam's latest accounts, the deadline for the release of these withheld funds is set for May 30, 2027. However, the company now assesses the worth of this amount as zero, citing significant doubts about the likelihood of its full recovery.
Why more than £100m is at risk
The underlying issue relates to investigations into historical financial practices at Chelsea.
During Abramovich's tenure, the club was linked to undisclosed payments to agents and intermediaries. In 2026, the Premier League slapped Chelsea with a £10m fine, while the Football Association also imposed a £10m penalty. Previously, UEFA fined the London club €10m due to historical financial irregularities.
Theoretically, if these sanctions are deducted from the withheld £150m, over £100m could potentially remain. However, Fordstam no longer counts this amount as an asset, citing doubts about its complete recoverability in its reports.
Why the funds were withheld
The clause to withhold part of the payment was included in the sale contract for Chelsea.
Up to £150m could stay with the new owners for five years to cover possible financial ramifications arising from incidents that occurred before they took over the club.
Therefore, penalties related to breaches dating back to Abramovich’s reign could directly reduce what Fordstam ultimately receives.
Importantly, there are no allegations against Chelsea's current owners regarding these breaches; the investigations focus on activities from the prior ownership.
£2.5bn from Chelsea’s sale still frozen
Separately, a dispute persists concerning the principal sum acquired from the club's sale.
The proceeds from the transaction remain frozen in a British account. In December 2025, the UK government granted a licence to transfer over £2.5bn to a charitable fund to assist those affected by the war in Ukraine. Authorities have stated they are prepared to go to court if the funds are not transferred per the licence's conditions.
Recent reports indicate that the frozen funds have accrued around £175m in interest, raising the total to approximately £2.5bn.
This situation is further complicated by an investigation by authorities in Jersey, who are scrutinising the origins of Abramovich's wealth and potential links between some assets and illicit gains. Abramovich has previously denied any wrongdoing.
