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DCMS confirm lifting of restrictions as soon as Chelsea sale ‘takes effect’

Back in business!

Chelsea Takeover Photo by Jonathan Brady/PA Images via Getty Images

With all the approvals now in place, the official announcement for the sale of Chelsea Football Club is “imminent” though that may still mean “a matter of days”, as per the statement from DCMS regarding the sale.

But the key part of that statement is the confirmation that as soon as the sale “takes effect”, all restrictions will be lifted and we can get back to operating normally.

“The Club will be free from previous operating restrictions imposed by sanctions from the point the new ownership takes effect, and we expect this to take place in a matter of days.”

Dorries’ statement also confirms that the funds involved in the transfer will be initially placed into a frozen account, but remain earmarked for the charitable organization that will be set up to benefit victims of the war in Ukraine.

“The net proceeds from the sale will be transferred from the buyers to a frozen UK bank account belonging to Fordstam, the holding company owned by Mr Abramovich, which sold the Club. Any onward transfer of money will require further approval from the Government.

“Roman Abramovich has made a number of public statements regarding his intention to transfer the proceeds to the victims of the war in Ukraine. We have agreed a Deed of Undertaking in which he commits the proceeds to a charity in a jurisdiction agreed by the Government for the purposes of helping victims of the war in Ukraine. Any future movement of the sale revenue will be assessed in line with sanctions obligations and the position outlined in the Deed. It will be up to the Government to decide whether to license any movement of funds from the frozen account.”

-Nadine Dorries statement; source: UK Parliament

Sorting through all that sounds complicated, but fortunately that no longer involves us and is no longer delaying this process.