The Premier League Has Disqualified Chelsea Owner Roman Abramovich From Serving As A Director Of The Team

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The Premier League Has Disqualified Chelsea Owner Roman Abramovich From Serving As A Director Of The Team

Following the oligarch's sanction by the UK government, the Premier League has barred Roman Abramovich from serving as a director of Chelsea.

As part of the government's response to Russia's invasion of Ukraine, Abramovich's British assets, including Chelsea, were frozen on Thursday.

The Russian's planned sale of the club was put on hold as a result of the move.

The Premier League stated that Abramovich's suspension will have no effect on the club's ability to train and play.

Removing an owner from a board of directors normally results in the sale of the company's stock, which Abramovich began on March 2 after the possibility of sanctions was raised in Parliament.

He had authorized Raine Group, an American investment group, to seek £3 billion for Chelsea, but financial analysts feel that price could fall given the present uncertainty surrounding the club.

On Thursday, Raine Group put a temporary halt to the sale as it sought answers from the government regarding the penalties' effects.

The government is open to discussing an amendment to the club's special license that would allow a sale to proceed.

However, one condition would be that Abramovich, who is one of Russia's wealthiest men and is thought to be close to the country's president, Vladimir Putin, received none of the proceeds.

The government's special license will allow fixtures to be completed, employees to be paid, and existing ticket holders to attend matches.

Chelsea, on the other hand, will not be paid for unsold match tickets, future gate receipts for FA Cup games, or money from products sold in the club shop.

While the penalties against Abramovich are in place and he still owns the club, the European champions will be unable to buy or sell players or issue new contracts.

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