Chronological coverage updated 11th September 2026 18:22.
Update 1 · 11th September 2026
Frozen Chelsea FC Sale Cash Generates £175m in Interest Amid Legal Disputes
The proceeds from the £2.3bn sale of Chelsea Football Club in May 2022 have generated at least £175m in interest while sitting frozen in a UK bank account, according to newly filed corporate accounts.
Corporate filings for Fordstam, the holding company used by Russian billionaire Roman Abramovich to own Chelsea, show that total funds have grown to nearly £2.5bn. The money earned £63m in 2023 and £114m in 2024, with total earnings expected to be higher as two additional years have elapsed since the June 2024 reporting period.
Dispute over Distribution
Although Abramovich pledged to donate the sale proceeds to victims of the war in Ukraine, the funds remain frozen in a Barclays account due to a legal deadlock with the UK government. Ministers insist the money must be directed exclusively to humanitarian causes in Ukraine, whereas Abramovich reportedly seeks to channel the funds into a foundation with a broader global remit.
Adding to the complexity is a £1.4bn loan owed by Fordstam to Camberley International Investment, an offshore vehicle based in Jersey linked to Abramovich. It remains unresolved whether this debt will be deducted prior to any charitable transfer.
Criminal Investigation in Jersey
The release of the money is further hampered by legal restrictions under UK sanctions, which require a license from the Treasury's Office for Financial Sanctions Implementation (OFSI) before any debt repayment can occur.
Concurrently, law enforcement authorities in Jersey are conducting a corruption and money-laundering investigation into the original source of Abramovich's wealth, including the 2005 sale of his oil and gas company Sibneft to the Russian state for $13bn.
The Guardian reportedly quoted Stefan Borson (football finance expert and head of sport at McCarthy Denning) as saying: “With the interest received, this now appears to be the most profitable football-related business in the world”.
Frozen Chelsea FC sale funds earned £114m in interest in 2024 after generating nearly £63m the previous year, raising total proceeds to almost £2.5bn..
- Over £175m in interest has accrued on frozen Chelsea FC sale proceeds while locked in a Barclays account.
- Disagreements between Roman Abramovich and the UK government over charitable targets continue to stall the distribution of funds.
- A criminal investigation in Jersey into the source of Abramovich's wealth presents further legal hurdles to resolving the asset's status.