Billionaire Roman Abramovich has 2 ways to handle the sale of Chelsea

The proceeds from the sale of Chelsea will be transferred to a frozen bank account. (Source: Getty Images)

According to ESPNthe bidding for Chelsea heated up when bidders increased their offers on March 22.

British property tycoon Nick Candy has revealed he has “significantly increased” his offer, after submitting a bid of more than £2 billion for Chelsea last weekend.

Another consortium participating in the bid, including billionaires Todd Boehly, Hansjorg Wyss and Jonathan Goldstein, is said to have raised the bid to exceed £2.5 billion.

Chelsea is still legally owned by billionaire Roman Abramovich. Therefore, he has a decisive voice in choosing who is the new owner of The Blues.

However, the Russian billionaire will not receive a dime from the sale of Chelsea because of the British government’s sanctions.

So where will the money from selling Chelsea go? This is okay Athletics to make clear.

First, the proceeds from the sale of Chelsea will be transferred to a frozen bank account, then there are 2 options.

One is money used to help the victims of the war in Ukraine. When Abramovich announced the sale of Chelsea, he said the proceeds would go to a fund to help victims in Ukraine.

The British government shared this idea, but they did not let Abramovich distribute the proceeds through the fund, to avoid somehow flowing into the pocket of the Russian billionaire.

Second, the money will be kept in a frozen bank account, generating interest.

If the sanctions on billionaire Abramovich are lifted, he can access this money and use it as he wants.