It was previously reported by The Times that the 2.3 billion pounds used by Abramovich to sell Chelsea requires the repayment of a 1.4 billion loan first, and in the end only 900 million pounds may be left to donate to the victims of the Russia-Ukraine conflict. The Telegraph stated that Abu was very dissatisfied with the sanctions from the British government and made a public response to the issue for the first time.
An Abramovich spokesman issued a rare statement criticizing the British government for failing to provide "any legal solution" to the frozen funds. At the time of the sale of Chelsea, Abramovich had stated that he would not demand repayment of any loan, but they are currently unable to take any action on the frozen funds.
The statement said: "Due to sanctions and a series of government actions, Camberley International Investment Co., Ltd. and other entities with any historical connection with Mr. Abramovich have been effectively paralyzed since 2022. Therefore, no operation can be carried out on the frozen funds without government approval, and the British government has not proposed any legal solutions to deal with the current situation."
According to people familiar with the situation, after deducting the money used to establish the foundation, the funds available to assist victims of the Russia-Ukraine conflict are approximately 2.35 billion pounds. A statement of accounts for Chelsea's former parent company Fordstam as of June 2022, signed on October 10, 2025, said: "The company intends to donate the net proceeds of the sale (after deducting other balance sheet items) to a charitable foundation to assist victims of the Russian-Ukrainian conflict. Once the donation is completed and all balance sheet items are paid off, the company plans to liquidate."
This financial document also confirmed the consortium Blueco 22 of Clear Lake Capital and Burley. Ltd set aside £150 million when acquiring Chelsea to cover any litigation losses arising from members of the acquiring group arising from matters that occurred prior to the acquisition between the date of acquisition and the date when payment is due. The Telegraph previously reported that the consortium led by Burley was allowed to withhold the money after discovering an "unexpected liability".
In addition, the British government had a dispute with former Chelsea director Tenebaum over the handling of some of Abramovich's assets in Jersey, and was sanctioned as a result. Tenenbaum claims to be one of Abramovich's closest business partners. Sources revealed that the funds have been transferred to HM Revenue and Customs to pay taxes, but Tenenbaum is still waiting for the remaining money to arrive. The sanctions against Tenebaum were implemented in coordination with authorities in Jersey, who issued a formal freezing order on assets suspected to be linked to Abramovich and worth more than £5 billion.
The government stated that company documents show that Tenebaum took over Ervington Investments Limited, an investment company related to Abramovich, on February 24, 2022, shortly after the Russia-Ukraine conflict. Earlier this year, there was a proposal to recover some of Abramovich's assets through judicial channels, but a government spokesman said: "The government is determined to ensure that the proceeds from the sale of Chelsea Club are used for humanitarian causes in Ukraine, but it has not been able to reach an agreement with Mr. Abramovich so far. We are deeply disappointed. But the door to negotiations is always open, and if necessary, the matter will be promoted through legal channels."
[Related News] Times: The 2.3 billion Abramovich sold Chelsea must first repay a 1.4 billion loan, and there may only be 900 million left to donate