Abramovich owes like “master”, risks losing 100 million pounds

The Wall Street Journal reports that billionaire Abramovich is at risk of losing another significant asset in Britain after being sanctioned by the country’s Government.

Earlier last week, the British Government made the decision to impose sanctions on Roman Abramovich, including freezing the entire wealth of the 55-year-old billionaire in the “land of the fog” (including his club Chelsea).

Abramovich risks confiscation of his £107 million home because he can’t afford the rent

The sanctions cost Abramovich huge financial losses. Even the Daily Star, citing a source from the Wall Street Journal, says he is currently unable to afford the rent on the land in London where his £107 million 15-bedroom luxury home is located.

It is known that Abramovich spent £90 million to buy this mansion in 2009. The property is located in Kensington Palace Gardens, West London, one of the most expensive streets in the world and not far from the palace. Kensington, where Prince William’s family briefly lived.

In fact, the land on which the mansion is located belongs to Crown Estate, the organization that manages British Royal Estates with revenues of hundreds of millions of pounds per year. Abramovich has a 125 year lease on the land for £10,000 per year, an amount that is expected to grow to £16,000 a year.

If sanctions exist and Abramovich is unable to pay the rent, Crown Estate can take him to court and confiscate the mansion.

After billionaire Abramovich’s assets were frozen, Chelsea also banned all business activities, unable to sell tickets for every game (away team fans cannot go to Stamford Bridge to watch football), gift shops had to close, some suspensions of major sponsorship contracts.

According to sources from the Daily Mail, Chelsea’s current budget is only around £16m, which means the club’s budget is only enough to operate in 17 days, during which the budget spent on each team’s away games is also lost. Limited to £20,000/game.

If the money runs out, Chelsea will have to go into Government management, which is never the case with the club English Premier League.