Ex-Chelsea owner Abramovich in trouble with Fordstam after takeover

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(Image: Ozan Kose)

The Notice of Compulsory Strike-off

In a recent development, Fordstam Limited, a company previously owned by Roman Abramovich, the former owner of Chelsea FC, is set to receive a notice of compulsory strike-off on June 6. The company, which was the parent company of Chelsea FC from July 2003 until August 2009, has its registered address at Stamford Bridge. Despite last filing accounts in 2021, no filings have been made since the takeover of Chelsea by Todd Boehly and Clearlake Capital in May 2022.

The First Gazette Notice to be published on Tuesday stated: “The Registrar of Companies gives notice that unless cause is shown to the contrary, the Company will be struck off the register and dissolve not less than 2 months from the date shown above. Upon the Company’s dissolution, all property and rights vested in, or held in trust for, the Company are deemed to be bona vacantia, and will belong to the Crown.

Abramovich’s Sanctions and the Takeover Fee

Abramovich remains sanctioned by the United Kingdom government, having been added to the list of financial sanctions targets in the UK in March 2022. The sanctions are due to his association with Vladimir Putin, Alisher Usmanov, and benefiting from his support through owning Evraz plc and subsidiaries.

The Times reports that £2.35 billion from the takeover fee, designated to set up a foundation to support victims of the war in Ukraine, is still in a frozen account of Fordstam. The funds were placed in a frozen bank account to ensure Abramovich did not receive any proceeds from the sale.

The Foundation’s Future

Mike Penrose, the acting CEO of the foundation, expressed readiness to proceed but highlighted the complexities and delays based around political approval both between the UK and the EU and within the UK. He stated, “We aren’t going to make any decisions until we know the money’s coming. We don’t want to end up with a charity but no money.

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Chelsea’s Future

As the drama of the former ownership unfolds, Chelsea FC continues to make headlines in the football world. With the summer transfer window approaching, fans and pundits alike are keen to see how the club will navigate this pivotal period under its new ownership.

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