The frozen proceeds of Roman Abramovich’s sale of Chelsea are being investigated in Jersey over whether they “amount to the proceeds of crime”, according to accounts published by the company through which the Russian owned the club.
This relates to investigations into the sanctioned oligarch and is unconnected to the new owners who bought Chelsea in 2022 but further complicates moves to release the cash to help Ukrainians.
Mr Abramovich, who has previously denied wrongdoing linked to his finances and close links to President Vladimir Putin, was sanctioned by the UK and Jersey governments in 2022 at the start of Russia‘s full-scale invasion of Ukraine in a targeting of oligarchs.
That led to the enforced sale of his Premier League asset and he has remained in dispute with UK governments over how much of the cash goes to humanitarian causes and who receives it.
Newly-published accounts published on Companies House by Fordstam Limited – Chelsea’s parent company in the Abramovich ownership era – show funds from the sale now stand at £2.407bn but the assets are frozen.
They only “intend” to give £987m to charitable foundation after loans are repaid – rather than the full amount demanded by Prime Minister Sir Keir Starmer to help Ukrainians.
And a further complication is notes in the Fordstam accounts saying: “From judgments published by the Jersey Court in November 2025, it is understood that the funds provided by Camberley International Investments Limited may be affected by an ongoing criminal investigation initiated by the attorney general of Jersey, into whether certain assets (potentially including the net proceeds) amount to the proceeds of crime.”
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Mr Abramovich’s Jersey-based Camberley International Investments is owed £1.429bn from an interest-free loan previously provided to fund Chelsea.
Jersey’s attorney general opened a money laundering investigation in April 2022 “to determine whether certain assets, alleged to be connected to Mr Abramovich, were the proceeds of crime”, according to the Judicial Committee of the Privy Council – the final court of appeal for Crown dependencies.
Mr Abramovich has been trying to challenge the investigation to regain control of his assets.
Mr Abramovich has not been charged in any jurisdiction. Sir Keir has called on Mr Abramovich to approve the release of all the cash to a new foundation for humanitarian causes in Ukraine and threatened him with legal action.
There are two areas in dispute.
Mr Abramovich has been insisting he should determine where the cash goes and how much is distributed.
While Mr Abramovich has always said “all victims of the war in Ukraine”, the government says it will only consider a proposal to send the cash to “the most vulnerable in Ukraine” and not potentially to Russia.
The UK government is also expecting the full £2.5bn of the proceeds from the sale to help Ukrainians – but that is being defied by the Abramovich side.
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The latest accounts still point to the oligarch wanting loans paid off, saying: “Fordstam Limited and its shareholder intend to donate the net proceeds from the sale of the club, less any liabilities arising, to a charitable foundation.”
The amount stands at £987m rather than £2.5bn.
The sale was made under the supervision of the Office of Financial Sanctions Implementation, under the proviso that the proceeds go to humanitarian aid in Ukraine.
They cannot be moved or used without a licence from the office.
The accounts were signed off last month by Eugene Tenenbaum, a director of Fordstam who was a director of Chelsea under Mr Abramovich but was sanctioned himself in April 2022 for being a business associate of the former club owner.
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At the time, the UK government said: “These sanctions have been co-ordinated with action taken by the Jersey authorities earlier this week to impose a formal freezing order on assets suspected to be connected to Abramovich himself, valued in excess of £5bn.”
Attempts to reach Mr Abramovich’s representatives for comment have been unsuccessful.
Kobre & Kim, a law firm identified as representing Mr Abramovich, has not replied to attempts to seek comment.
New details about the Chelsea sale have been disclosed in the accounts published on Wednesday.
The Football Association last year hit Chelsea with 74 charges relating to alleged breaches of the agent regulations and third-party investment in players.
The potential issues were discovered through the due diligence process before buying the Stamford Bridge outfit and then reported to the FA.
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It was known that £150m had been held back from the sale by the current Blueco 22 ownership to cover any fines from the FA. But now the accounts say the amount is only being held back for five years.
Mr Abramovich transformed Chelsea into one of the most successful clubs in world football with vast investment in the squad after his purchase in 2003, winning every major trophy.
