Chelsea’s Bank Account Frozen After UK Government Sanctions

Chelsea’s bank accounts have been frozen after the UK government sanctioned the Blues’ Russian billionaire owner Roman Abramovich, according to the Times.

The London club have been given a special licence to continue with football related activities but the sale effectively bars the sale of the club following Abramovich’s sanctioning.

Chelsea’s special license takes effect from March 10 2022 and expires on May 31 2022 and HM Treasury may vary, revoke or suspend this license at any time and the details have been revealed.

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As the Times reports Chelsea’s bank accounts have now been frozen leaving the club facing ‘financial paralysis’.

The report states that sources have warned that, despite the license allowing Chelsea’s day-to-day activities to continues, several of the club’s corporate accounts, including credit cards’ have been frozen.

This is due to banks being ‘risk-averse’ as a source told the Times: “The licence allows the club to continue with day-to-day activities but the banks don’t have the risk appetite for it. They’ve frozen some of the corporate credit cards. It’s put a lot more pressure on the club.”

A senior source at the club disclosed that they are concerned about the situation.
“It’s making it even more difficult to run our day-to-day operations.”

It remains to be seen as to the implications of the bank accounts being frozen as the Times state that the ‘immediate concern’ for Chelsea is that the crisis can trigger administration and a nine point deduction.

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