Premier League Disqualifies Chelsea Owner, Abramovich as Club Director

Premier League Disqualifies Chelsea Owner, Abramovich as Club Director (News Central TV)

The Premier League has disqualified Chelsea owner Roman Abramovich as a director of the club after he was penalised by the UK government.

Abramovich had his British assets including Chelsea, frozen on Thursday as part of the government’s response to Russia’s military operation in Ukraine.

Although the Premier League said Abramovich’s disqualification would “not impact on the club’s ability to train and play”, the move puts the sale of the club on hold.

Chelsea owner, Roman Abramovich

 After the threat of sanctions was raised in Parliament, Abramovich instigated on March 2, a process that will make him cease to be the owner by selling off his shares, and eventually exit the board.

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He had briefed American investment firm Raine Group to seek £3billion for the club, but finance experts believe that price could drop given the current uncertainty around Chelsea.

Raine Group temporarily halted the sale process on Thursday while answers were sought from the government about the implications of the sanctions.

With the special licence granted to the club, it is almost a given that Abramovich, one of Russia’s richest people and believed to be a close ally of President Vladimir Putin, receives none of the proceeds.

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