The British government said that Abramovich has not canceled the loan and hopes that he can donate the full amount of money from the sale of Chelsea

Hupu, November 4th, according to an exclusive report by Times chief reporter Martyn Ziegler, some people are worried that less than half of the 2.35 billion pounds received from the sale of Chelsea Football Club may ultimately be used to help victims in Ukraine, because the company's accounts show that only "net proceeds" will be donated.

[Gossip Board] Chelsea's last financial report during the Abramovich era: sales amount 2.35 billion; total loan 1.429 billion

All the money received from the sale of Chelsea in May 2022 is still frozen in the bank account of Fordstam Co., Ltd.

Fordstam Ltd. is the former parent company of Chelsea and is owned by Russian oligarch Roman Abramovich. Abramovich will be sanctioned by the British government after February 2022.

However, the belated company accounts have just been released, which show that Fordstam needs to repay loans, including 1.54 billion pounds owed to Abramovich's companies, before donating the remaining funds to charitable foundations.

As a result, only £923 million of the £2.35 billion sale proceeds will be donated to charity - and three and a half years after Chelsea's sale, almost no money has entered the foundation due to Abramovich's dispute with the British government over the use of funds.

Fordstam's annual accounts for the year ending June 2022 (signed on October 10, 2025) show:

"Roman Abramovich, the owner of Fordstam GmbH, announced in a public statement that the company intends to transfer the net proceeds from the sale (less its The company will be liquidated once the donation is completed and all balance sheet items are cleared. The company's balance sheet shows its net assets are £922.9 million. No money can be disbursed from Fordstam's account to repay loans or be donated to charitable foundations until the Office of Financial Sanctions (OFSI) issues a license.

There is nothing in the accounts to suggest that Abramovich will write off the loans he made to Fordstam, which effectively funded Chelsea during the two decades he owned the club.

The billionaire has had many opportunities to indicate whether he intends to write off this debt in one fell swoop, but his only statement on the issue in 2022 simply mentioned that "net proceeds" would be donated to the foundation.

Representatives for Abramovich have been contacted for comment.

In June this year, Finance Minister Rachel Reeves and Foreign Secretary David Lamy issued a joint statement stating that the government was "fully prepared" to resort to law to force Abramovich to change its position on the use of funds.

The government wants the money to be used only for humanitarian projects in Ukraine, while Abramovich is understood to want it used to help all victims.