The Sanctions Against Abramovich

This topic contains 419 replies, has 20 voices, and was last updated by Blueowner Blueowner 4 months ago.

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  • #2098870
    Mightymouse
    Mightymouse
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    • :

    And here I thought the league had already approved everything and we were only waiting for the government approval. Added to that Portuguese approval as well now. The British government already has so many problems mostly self inflicted with that idiot Boris in charge. Where exactly are we going to fit in the queue?

    #2098877
    Blueowner
    Blueowner
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    This new just broke, I think it must be true: The £4.25billion sale of Chelsea is on the brink of completion after it was formally signed off by the UK Government.

    Ministers have given the green light to Todd Boehly’s takeover after weeks of tense negotiations to ensure that current owner Roman Abramovich does not benefit from the proceeds of the deal.

    On Monday, the Premier League said the consortium had passed its owners’ and directors’ test. The deal still needs to be approved by the European Commission because Abramovich has a Portuguese passport.

    #2098945
    Blaze
    Blaze
    Participant
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    And after the European commission whose next? 🤣

    #2099384
    NIBlue
    NIBlue
    Participant
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    Done and dusted, so thank you RA but onwards and upwards.

    Personally I would get shot of Granovskaia right away and Buck in about 6 months.

    In the last 5 years City have won 9 of the 15 domestic titles available, proving that patience and supporting the Manager in the transfer market is key to continued success, especially given there is much more competition in the prem. Liverpool have not enjoyed the same level of success but have been regular top 4 finishers and a threat since Klopp established himself. We need to move away from the hiring and firing as that success rate has been more sporadic recently.

    Granovskaia may be good commercially for the club, but her success in the transfer market pales into insignificance when compared to her predecessors Kenyon and Gourlay. Also I cannot help but roll my eyes when I read about us being disadvantaged in the transfer market due to the sanctions. Apart from Fabregas and Costa who were lined up by Jose, and Pulisic and Ziyech who were Jan signings to arrive in the summer, when was the last time Granovskaia had our key transfer activity completed in time for pre season training. The vast majority of her underwhelming signings arrived at least half way through pre season or last week of the window.

    Tuchel, I am still to be totally convinced by as I feel many of the points dropped were as a result of his tinkering. However in saying that, providing we recruit the players he wants, and he can mould a squad into his style of football I would hope we can give City and Liverpool a run for their money all the way. Let’s face it in 300 minutes of football last season Liverpool could not beat us.

    It is nice to get a break from the football and transfer activity will ne eagerly anticipated. Come on the Chels!!

    #2099778
    aindro
    aindro
    Participant
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    Still waiting for the official confirmation but with the approval of Portuguese government yesterday: I think that soon (next week I hope?) we’ll have the confirmation of the takeover.

    Hope that the new owner will work straight away with Tuchel for the transfer plan & pre-season. We have no time to lose. Rumours say that Liverpool had a talk with Kane? Other clubs have started their transfer plans and we cannot yet due to these sanctions.

    #2100037
    chelsea1967
    chelsea1967
    Participant
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    Official Statement by the club re the sale and settlement proposed for Monday. Hooray!!

    https://www.chelseafc.com/en/news/2022/05/28/club-statement?utm_source=tw&utm_medium=orgsoc&utm_campaign=none

    #2100040
    chelsea1967
    chelsea1967
    Participant
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    Well I am assuming, possibly incorrectly, that THE TRANSACTION means money changing hands.

    #2100048

    young_blue
    Participant
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    It has been nearly three months since I announced my intention to sell Chelsea FC. During this time, the team have worked hard to find the right custodian for Chelsea FC that would be best positioned to successfully lead the Club into its next chapter.
    The ownership of this Club comes with great responsibility. Since I came to Chelsea nearly twenty years ago, I have witnessed first-hand what this Club can achieve. My goal has been to ensure that the next owner has a mindset that will enable success for the Men’s and Women’s team, as well as the will and drive to continue developing other key aspects of the Club, such as the Academy and the vital work of Chelsea Foundation.

    I am pleased this search has now come to a successful conclusion. As I hand over Chelsea to its new custodians, I would like to wish them the best of success, both on and off the pitch.

    It has been an honour of a lifetime to be a part of this Club – I would like to thank all the Club’s past and current players, staff, and of course fans for these incredible years.

    I am proud that as a result of our joint successes, millions of people will now benefit from the new charitable foundation which is being established. This is the legacy which we have created together.

    Thank you.

    Roman

    #2100050

    nine nine nine
    Moderator
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    Re the above statement from Roman.

    Roman has always has had the Club’s best interests at heart and his unfortunate relationship with Putin apart there has been few better Club owner’s we all have a lot to be grateful to him for.

    I will always remember his beaming face on the pitch in Abu Dhabi holding the Club World Cup the last of the trophies won during this reign and the only trophy to have evaded him until then.

    Thanks for all the wonderful memories Roman.

    #2100061
    Blueowner
    Blueowner
    Participant
    • :

    A real top man is Roman, I think he has come out of this far better than the government. I really wish him the best and I for one do not hold him in any way responsible for the atrocities currently on the go in Ukraine, in fact quite the opposite he tried his best to stop it. Unfortunately he was dealing with someone who has clearly gone bonkers or maybe was always insane it was always going to be mission impossible. Thank you again Roman.

    #2100074
    Mightymouse
    Mightymouse
    Participant
    • :

    Thank you Mr. Abromovich and good luck with all your future quests and I hope you come out this well and as soon as possible. It was never your fault in any way. They made it your problem.

    #2100953

    young_blue
    Participant
    • :

    It’s officially confirmed that Roman’s 19-year stewardship of Chelsea football club is over. and Todd Boehly has officially taken over the reins at Stamford Bridge. So when will the sanctions be lifted? or does it mean the sanctions are no longer in place once Roman is ousted?

    #2100966
    BlueLion
    BlueLion
    Participant
    • :

    Good question regarding the sanctions YB. Also, it still remains unclear what has happened to the loan that Roman wanted to write off. Does the club still owe this money in some capacity?

    #2100967
    aindro
    aindro
    Participant
    • :

    Official!! The takeover has been completed. I think every Chelsea fan must thank Roman Abramovich for the successes Chelsea had during his steward. A very generous and dedicated owner. He is a legend for CFC. And more of all: he became a fan of CFC.

    I hope that the sanctions are automatically lifted as they were sanctions for Roman Abramovich and as for now: he no longer owns Chelsea.

    I have a lot of reservations on how this new Chelsea can surpass the one under Roman Abramovich but the takeover has been completed and we have to trust Todd Boehly & co. that they will do the best in their power for Chelsea FC.

    #2100974

    nine nine nine
    Moderator
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    It’s over. Transfers will begin to flow shortly. It’s time to be positive!

    #2100988
    aindro
    aindro
    Participant
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    @young_blue, I just found this. Nadine Dorries, the secretary for Digital, Culture, Media and Sports had already spoken out on the restrictions for Chelsea and when Boehly and Tuchel can be expected to have them lifted. “The Club will be free from previous operating restrictions imposed by sanctions from the point the new ownership takes effect,”

    According to this statement from last week, we should be good now as the sanctions should be lifted as per today (the official takeover)

    #2101011
    aindro
    aindro
    Participant
    • :

    The quote is from a UK govt spokesperson about the sanctions being lifted. But I really think that UK govt tries to vilify Abramovich. I won’t say anything on this matter and I think so should UK govt as we can’t be sure of RA’s ties with Putin. But they said it anyway. Not nice IMO. There’s big possibilities that Abramovich has nothing to do with the invasion. What’s in it for him???

    a UK Government spokesperson said on the Chelsea sale: “Today’s change of ownership marks a new chapter for Chelsea Football Club in the best interests of its fans, the club and the wider football community.

    “The club is now no longer subject to the sanctions imposed on Roman Abramovich, an individual who has enabled Putin’s brutal and barbaric invasion of Ukraine. Since sanctions were imposed on Abramovich on 10 March, we have worked tirelessly to ensure the club can continue to play football, while maintaining the integrity of our sanctions regime.

    “Chelsea’s long-term future is now secured and binding commitments have been received which ensure sanctioned individuals cannot financial benefit from the sale. The Government retains control to ensure that this is the case. We have begun the process of ensuring the proceeds are used for humanitarian purposes in Ukraine that results from Russian aggression. Further details will be set out in due course.”

    #2101055
    Blaze
    Blaze
    Participant
    • :

    This government has really put itself in a very very bad light by trying to justify its treatment of Roman, they have enough self inflicted problems as it is, how in Heavens name can Roman have anything to do with the Ukranian atrocities is beyond any sane person reasoning. Rather he should be given credit for all the good he has done not only for Chelsea but for London, England and world football. We shall never forget.

    #2101144
    chelsea1967
    chelsea1967
    Participant
    • :

    Found guilty by association as all oligarchs have been.

    #2101228
    Blueowner
    Blueowner
    Participant
    • :

    Quite a fascinating article which I obviously copied and pasted but if you have the patience read it! The final distinction bestowed by Roman Abramovich’s 19-year ownership might be the most remarkable of all: Chelsea Football Club is now the most expensive sports team in history.

    A group led by US billionaire Todd Boehly and Santa Monica-based private equity group Clearlake Capital have made a £4.25 billion commitment — £2.5 billion for the club itself, plus £1.75 billion towards investment on and off the pitch over the next decade — in order to acquire the reigning world champions, despite the distressed nature of the sale process, the complicating factor of UK Government involvement and the sanction on Abramovich which removed the need for any conventional auction.

    Nor were Boehly and Clearlake the only consortium to bid at such a historic level; groups fronted by Stephen Pagliuca, Sir Martin Broughton and Sir Jim Ratcliffe all made similar offers, while the Chicago-based alliance of the Ricketts family and hedge fund billionaire Ken Griffin were also more than capable of competing financially before withdrawing their offer.

    Why did the numbers involved in buying Chelsea climb so high, and do they make financial sense? Not on the face of, it according to Kieran Maguire, football finance expert and author of The Price of Football. “I did a valuation of Chelsea, saying based on fundamentals it was worth around £1.5 billion,” he tells The Athletic.

    “(The actual purchase price) does look high, and I say that because of the few clubs listed on the stock exchange, the benchmark for Chelsea would be Manchester United. If we look at their share price, the club is worth less than when it was taken to the stock exchange by the Glazers a decade ago. I don’t think it’s being harsh on Chelsea to say United has a bigger brand. United’s shares are worth around £1.8 billion.
    “If you add on the debt, which is about £500 million, that generates a worth of around £2.3 billion. If they are worth that, how can Chelsea be worth more?”

    One answer is scarcity. Chelsea ranked eighth in revenue in last year’s Deloitte Money League. None of the rest of the clubs in the top 10 have changed ownership or even been publicly for sale in the last 10 years (the most recent is seventh-ranked Paris Saint-Germain, acquired by Qatar Sports Investments in 2011). The top three ranked clubs — Barcelona, Real Madrid and Bayern Munich — are all governed by fan or member models that prevent a private takeover. Opportunities to buy European football clubs of Chelsea’s size, with a huge international profile and a recent track record of success at the elite level, are extremely rare.

    “Normally when a company is taken over, you do pay a premium for the privilege of being able to control it,” Maguire adds. “But even so, if I added 20 per cent onto United’s value, that would take it to £2.7 billion, so a figure of £2.5 billion for Chelsea seems top-heavy. That’s before you factor in that Chelsea have lost £900k a week for 19 years under Abramovich.

    “On business fundamentals, where you value a business based on its ability to make profits or cash, the price paid seems excessive. Then you need to ask yourself why that is. Perhaps these prospective owners have spotted something in Chelsea which we haven’t.”

    Another answer lies in the identity of those who pushed their interest in Chelsea most forcefully. Excluding the dramatic late intervention by Ratcliffe, three of the four bids shortlisted by New York-based merchant bank Raine Group included major players in the world of US private equity: Clearlake, Bain Capital co-chairman Pagliuca and Apollo Global Management co-founder Josh Harris. The other wielded capital from Griffin, founder of US hedge fund giant Citadel LLC.

    Private equity firms and investors often target distressed assets and while Chelsea weren’t quite that when the UK Government sanctioned Abramovich in March, the process that followed certainly qualified as a distressed sale. But beyond the unique circumstances, European football clubs of varying sizes are becoming increasingly attractive to significant investment from across the Atlantic.

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