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AP National Business

Chelsea financially perilous after Abramovich is sanctioned

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Published 2:19 PM

By ROB HARRIS
AP Global Soccer Writer

LONDON (AP) — Lavish spending, sustained only by Roman Abramovich’s investment, funded Chelsea’s 21 trophies during his 19 years as owner. Now there are fears the Premier League club could run out of money after the British government sanctioned the Russian oligarch and froze his assets. The European champions have had some banking facilities frozen with officials unable to use corporate credit cards while Barclaycard assesses what is permitted under government rules. Chelsea is only allowed to continue operating and play games under conditions set out by the government through a special license. There are caps on spending and a prohibition on selling tickets that will impair the cash flow for a club with a last published wage bill of almost 28 million pounds ($36 million) a month.

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