Abramovich Denies Asking Chelsea For £1.5b Loan Repayment

Outgoing Chelsea owner Roman Abramovich has categorically denied asking for loans of up to £1.5b be repaid to him by the club.

Abramovich Denies Asking Chelsea For £1.5b Loan Repayment

Abramovich put Chelsea up for sale in March following links to Russia president Vladimir Putin, who has led an invasion of Ukraine.

At the time he said he will not be asking for his loans to the club to be paid and proceeds from the sale will go to victims of the Ukraine war.

But recent reports have claimed that Abramovich has made a u-turn on the loan repayment as the sale of Chelsea draws closer.

Abramovich has come out to clarify that those reports are false in a statement on Chelsea's website.

"Following speculation in media in relation to the sale of Chelsea FC, we would like to clarify the following points," a spokesman for Abramovich has said.

"Firstly, Mr Abramovich’s intentions in relation to gifting the proceeds from the Chelsea sale to charity have not changed.

"Since the initial announcement, Mr Abramovich’s team has identified senior representatives from UN bodies and large global charitable organizations who have been tasked with forming a Foundation and setting out a plan for its activities. The lead independent expert has had conversations with Government representatives presenting the structure and initial plans.

"Mr Abramovich has not been involved in this work and it has been managed independently by experts with years of experience working in humanitarian organizations.

"Secondly, Mr Abramovich has not asked for any loan to be repaid to him – such suggestions are entirely false – as are suggestions that Mr Abramovich increased the price of the Club last minute. As part of Mr Abramovich’s objective to find a good custodian for Chelsea FC, he has however encouraged each bidder throughout this process to commit investing in the Club – including in the Academy, Women’s team, necessary redevelopment of the stadium as well as maintaining the work of Chelsea Foundation.

"Following sanctions and other restrictions imposed on Mr Abramovich by the UK since announcing that the Club would be sold, the loan has also become subject to EU sanctions, requiring additional approvals. That means that the funds will be frozen and subject to a legal procedure governed by authorities. These funds are still earmarked for the Foundation. The Government are aware of these restrictions as well as the legal implications.

"To be clear, Mr Abramovich has no access or control of these funds and will not have any access or control of these funds following the sale. Despite the changing circumstances since his initial announcement – he remains committed to finding a good custodian for Chelsea FC and making sure the proceeds go to good causes."

American billionaire Todd Boehly is the favourite to have his bid for Chelsea accepted.