Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

Original poster

Can someone in the know explain the Roman Abramovich and Chelsea FC situation to us all please.

37 replies

A580Hojas · 02/03/2022 20:22

Obvs he's a Russian oligarch and has been close to Putin. What does his decision to sell the football club mean?

OP posts:
GallopingHighRoad · 02/03/2022 20:25

In practice not very much. A buyer will give him an IOU. Some time later, if and when this has all died down, the buyer will exchange the IOU for the football club. This is how money is laundered.

Original poster
A580Hojas · 02/03/2022 20:34

Why is he selling? Is he registering, in his own way, his protest? Or .... what?

OP posts:
TwigTheWonderKid · 02/03/2022 20:35

He's probably worried that his assets might be seized as part of sanctions.

Interested in this thread?

Then you might like threads about this subject:

Football
Itsalloutofwhack · 02/03/2022 20:37

I assumed that there is some risk that if RO’s assets are frozen, the club won’t be able to trade. And so he’s selling it “for the fans” and “the good of the club”.

DetailMouse · 02/03/2022 20:37

I've wondered why he's allowed to sell rather than having his assets seized. And if he did sell why wouldn't the money be affected by sanctions?

BoodleBug51 · 02/03/2022 20:38

I'd imagine it's as dodgy as fuck.

He's Russian.

Ted27 · 02/03/2022 20:38

He is attempting to divest himself of his assets before they are seized/frozen and he loses the lot

londonmummy1966 · 02/03/2022 20:40

I think its two fold. First if he is subject to sanctions it means that Chelsea might be "frozen" as an asset - means that their bank accounts could be blocked and that they would have no access to any cash to pay staff (most of whom are low paid not the superstar players). It could also mean that payments in for eg ticket sales couldn't be banked. It would make life very difficult for the club. Secondly even with no sanctions the club could become a centre for anti-Russian protests due to ownership by a Putin crony. Not good for the club and certainly not good for those living in the vicinity.

marqueses · 02/03/2022 20:40

@GallopingHighRoad

In practice not very much. A buyer will give him an IOU. Some time later, if and when this has all died down, the buyer will exchange the IOU for the football club. This is how money is laundered.
How does that work? How can money be laundered if no money changes hands, I don't get that at all? Surely RA is doing this to get cash not IOUs
DetailMouse · 02/03/2022 20:42

@londonmummy1966

I think its two fold. First if he is subject to sanctions it means that Chelsea might be "frozen" as an asset - means that their bank accounts could be blocked and that they would have no access to any cash to pay staff (most of whom are low paid not the superstar players). It could also mean that payments in for eg ticket sales couldn't be banked. It would make life very difficult for the club. Secondly even with no sanctions the club could become a centre for anti-Russian protests due to ownership by a Putin crony. Not good for the club and certainly not good for those living in the vicinity.
The British government couldn't freeze the assets of Chelsea FC in such a way that they can't trade. That would be a disaster politically and also harmful for the British economy.
CatDogMonkeyPOW · 02/03/2022 20:46

Worth pointing out that he hasn't been sanctioned yet.

In fact, the government have failed to sanction a number of Putin's cronies:

twitter.com/NewStatesman/status/1499062479153946629?s=20&t=eY4HfuLcSMhhe1tVlxpUTw

Lots of spin coming from the government. Very little action.

Meanwhile those Russian donations to the Tory party keep coming in...

blockbustervideo · 02/03/2022 20:50

If they start sanctioning and black-listing individuals such as RA, if he is still Chelsea's owner, then every Chelsea fan who buys a ticket to the game, or merchandise from the club etc, will effectively be going against the sanction and being 'complicit with Russia'. And in practice this just isn't feasible - the club will cease trading. RA doesn't really have a choice but to give it up.

ENoeuf · 02/03/2022 20:51

GallopingHighRoad
In practice not very much. A buyer will give him an IOU. Some time later, if and when this has all died down, the buyer will exchange the IOU for the football club. This is how money is laundered.

?? Mr A gives RA an IOU £££ for the club. RA has the IOU. Then what?

greenlynx · 02/03/2022 20:52

He said he would sell it and donate all money. He’s just pretending that he’s good and caring as he’s frightened of sanctions.

DetailMouse · 02/03/2022 20:52

I wonder what the Oligarchs think of all this. It must be a bit of a disaster for them or are they so well set up with funds outside Russia they won't notice?

Pedallleur · 02/03/2022 20:54

He bought Chelsea years ago with money that came from....somewhere. If he sells the club the buyer gives RA the money and that money is legitimate. The reason he left the UK for Israel was the interest shown in his wealth. Where had it come from, how was it acquired? He was required to answer questions to retain his visa. He chose not to answer and moved to Israel where questions aren't asked. Anyway, someone buys the club, the money is clean

marqueses · 02/03/2022 20:56

@greenlynx

He said he would sell it and donate all money. He’s just pretending that he’s good and caring as he’s frightened of sanctions.
I don't think that is what he said, I read that he said he would donate the net proceeds to a charity for victims of the conflict without specifying which victims
Libraryghost · 02/03/2022 20:59

From what I understand he was one of the mafia bigwigs that survived and went ‘straight’ He should never have been allowed to invest his dirty money in the UK. Obviously trying to protect his assets by avoiding sanctions. He must be shitting himself. He is a crony of Putin but he can never go back to Russia because there is a price on his head. We will take anybody's money in this country. It’s shocking.

PlanetNormal · 02/03/2022 21:00

@Ted27

He is attempting to divest himself of his assets before they are seized/frozen and he loses the lot
Exactly this.

Abramovich is trying to sell Chelsea and his other U.K. property assets and get his money out of the country before they are seized by the government. The guff about loving the club and helping Ukrainians is just PR bullshit.

Namechangeforthis88 · 02/03/2022 21:11

@BoodleBug51

I'd imagine it's as dodgy as fuck.

He's Russian.

That's whatever racism is whenever it's about a nationality. You're suggesting a whole nation are "dodgy". I lived in Russia for a year. Of course there are dodgy Russians, as there are dodgy Brits, but most Russians are honest, decent, hardworking people getting on with their lives.
Libraryghost · 02/03/2022 21:18

The fall of communism provided a massive opportunity for the criminally minded Russian. Take a look at he Russian mafia graveyards from the 1990s and their vulgar gravestones. Unbelievably tacky. It’s a fair bet that any Russian Ogliarch who made their money in the 90s was dodgy as fuck.

Ted27 · 02/03/2022 21:20

@PlanetNormal

I know it will all be done electronically but I do have a vision of him sneaking out of the country with suitcases stuffed full of cash or gold bars.
whatever he does its a lot more portable than a superyaught

sillysmiles · 02/03/2022 21:31

Surely if he can sell his solid assets and have liquid cash transferred to an off shore account - Switzerland, Caymans or somewhere like that, then he has money and accounts that can't be seized.

Namechangeforthis88 · 02/03/2022 21:44

Sure, certainly when I was there in the 90's there was a certain level of wealth that would strongly suggest a Russian person was dodgy. That's not the same as saying someone must be dodgy as fuck simply because they are Russian. Having lived there, I am even more in awe of the Russians with the guts to turn up at a protest in Russia.