Russian billionaire Roman Abramovich handed over Chelsea management to the club’s charitable foundation yesterday. However, the trustee has what could be considered a multi-billion dollar insurance policy should the UK go after his assets: Chelsea himself.
According to Forbes, the Blues owe $2 billion to Roman Abramovich. Kieran Maguire, professor of football finance at the University of Liverpool, said the move by the Russians could create a dramatic backdrop for the club.
“If he [Roman Abramovich] He wants to recover, he can ask for a refund of the money he invested in Chelsea. That means Chelsea will go bankrupt, and Putin will be able to say, ‘Okay, I’ve started,’ Kieran said.
Forbes claims that last season Abramovich loaned Chelsea $26 million – even with the Champions League title, the scores were not settled.
“The club does not have the resources to return the money. If Chelsea is sold, you sell it for the value of the company. Whether that money goes in the form of shares or debt is irrelevant. But the club is likely to be in prison for that. [Abramovich] Money can be requested. After that the club may cease to exist.”
Kenneth Kurzen, a sports economist, told Forbes that the situation with the Russian billionaire raises a broader question in the Premier League about who can join the ranks of club owners.
Russia has already suffered some sanctions in the sports world. Schalke 04, a traditional German club, has removed the logo and trademark of Russian energy giant Gazprom from its shirt. Manchester United broke the sponsorship contract with the largest Russian airline, Aeroflot. In addition, UEFA moved this year’s Champions League final from St Petersburg to Paris.
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