Roman Abramovich's £2.35bn Chelsea sale threat: New accounts suggest less than HALF of the money will go to Ukraine war victims - with rest being owed to oligarch-owned companies

New accounts have suggested less than half of proceeds from Roman Abramovich's £2.35billion sale of Chelsea could go to victims of the war in Ukraine.

Abramovich was forced to sell Chelsea in 2022 after being sanctioned over his alleged ties to Vladimir Putin in the wake of Russia's invasion of Ukraine .

American billionaire Todd Boehly and Clearlake Capital paid £2.5bn for the club, and after transaction-related expenses, £2.3bn was left.

At the time of the sale, Abramovich's press office said he 'wanted the proceeds to be transferred to a charitable foundation for the needs of the victims on both sides of the conflict between Russia and Ukraine.'

Despite the sale going through for a record £2.35billion — with the Government pledging the money would support humanitarian causes — the cash has remained stuck in a UK bank account belonging to Fordstam, a company controlled by Abramovich.

Accounts for the year ending on June 2022 have been published on Companies House, which were signed off on October 10 in 2025.

Only net proceeds from Roman Abramovich's £2.35billion sale of Chelsea could go to Ukraine war victims

The accounts include an ongoing concern, which casts doubt on whether the full proceeds of the sale will go to victims of the war in Ukraine.

'The intention of the owner of Fordstam limited, Roman Abramovich , as announced in a public statement is for the company to gift the net proceeds of sale, after allowing for other balance sheet items, to a charitable foundation set up to benefit those who have suffered due to the war in Ukraine,' the accounts state.

'Once this is done and all balance sheet items cleared then the intention is to liquidate the company.'

Fordstam's accounts show that the company made a net profit of £987million, while £1.42bn is owed to Camberley International Investments Limited.

The company, registered in Jersey, is owned by Abramovich.

In total, the outstanding balance on all related party loans was £1.54bn as of June 30 in 2022.

Neither the loans or the funds for a charitable foundation can be released from the accounts until the Office of Financial Sanctions (OFSI) grants a licence.

In June, Chancellor Rachel Reeves and foreign secretary David Lammy warned ministers were 'deeply frustrated' at the lack of progress in unlocking the frozen funds and said legal action was on the table.

'The Government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia’s illegal full-scale invasion,' the statement read.

‘We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far.

‘While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible.’