LONDON: 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.
A team that won the Champions League last year and was crowned world champions by FIFA a month ago has now 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 playing games under conditions set out by the government through a special license, with 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.
Chelsea officials spent Friday in talks with the government to discuss how the club can continue to pay staff, operate Stamford Bridge on matchdays and ensure the club can be sold.
Abramovich had already announced plans to sell his trophy asset last week before he was sanctioned on Thursday over links to Russian President Vladimir Putin following the invasion of Ukraine.
The Raine Group, an investment bank, is working on the sale process on behalf of Abramovich, who remains owner of Chelsea. He originally hoped to divert the proceeds into a new foundation for the victims of the war in Ukraine, which he is yet to condemn Putin for launching. But the government will only sanction a sale that does not see Abramovich benefit as the government tightens the screw on influential it views as enabling Putin’s regime.
There are potential buyers waiting in the wings, including British property investor Nick Candy and Todd Boehly, a part owner of the MLB’s Los Angeles Dodgers.
“I would describe Chelsea as a distressed asset,” said Rob Wilson, a football finance expert from Sheffield Hallam University, “and the association that they’ve got with the owner is what’s distressing them.”
The only bright spots for Chelsea on its second day as a sanctioned entity were that no more sponsors suspended deals after the jersey backer, communications firm Three, asked for its logo to be removed. Jersey maker Nike was yet to halt its sponsorship. Another sponsor, hotel search website Trivago, said it would remain sponsor of the training kits.
“We are looking forward to a transition of ownership as soon as possible and want to support the club in this process,” Trivago said. “We will provide any update to our business relationship if and when appropriate.”
The statement condemned the “unprovoked and catastrophic invasion of Ukraine” without naming Russia. Hotels on its website could still be booked in Russia on Friday night.
Booking travel is a looming challenge for Chelsea. The trip to France to play Lille in the Champions League next week has already been bought. But the spending on travel to future games has been capped at 20,000 pounds by the government.
Chelsea can also only spend 500,000 pounds on matchdays — starting Sunday at home to Newcastle in the Premier League that the club has won five times under Abramovich. The league title had been won only once in the 98 years before Abramovich bought the club in 2003.
Only five times during his ownership has Chelsea made a profit, according to the respected Swiss Ramble account on Twitter that analyzes club accounts. There have been cumulative losses of around 900 million pounds in almost two decades of Abramovich’s ownership, while annual revenue has grown from 110 million pounds in 2003 to 435 million pounds in the last financial year.
Chelsea has been reliant on the 1.5 billion pounds of loans that Abramovich has pumped into the club which he has said he will not ask to be repaid.
The club can no longer even sell merchandise with the club shop closing within hours of the sanctioning announcement on Thursday. There is also a prohibition from the government on selling new tickets to generate revenue. Only season ticket holders can go to Premier League matches. There is the prospect of the stadium being empty for next week’s FA Cup quarterfinal against Middlesbrough and a potential Champions League last eight match as tickets for those games would not be included for fans who bought season passes.
The impact could be felt hardest by temporary staff no longer being required to work at matches.
“We would like the club to have the ability to trade as close to maximum capacity as possible,” said Dan Silver of the Chelsea Supporters’ Trust. “All these people rely on that (money) to put food on the plate. It’s harsh on them, and the punishment falling all the way downhill is harsh.
“We don’t want to have any jobs lost as a result of this, because the bigger picture is to keep everybody in the club protected and looked after.”
The priority will be avoiding having to go into administration — bankruptcy protection. History, though, could be repeating itself. Chelsea was sold for 1 pound in 1982 to Ken Bates due to financial trouble and then Abramovich stepped in with his 2003 takeover when there were further cash problems.
Chelsea financially perilous after Abramovich is sanctioned
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Chelsea financially perilous after Abramovich is sanctioned
- 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
- Chelsea is only allowed to continue operating and playing games under conditions set out by the government through a special license
‘Ballistic’ Bairstow stars as Punjab pull off record T20 chase in IPL win over Kolkata Knight Riders
‘Ballistic’ Bairstow stars as Punjab pull off record T20 chase in IPL win over Kolkata Knight Riders
- Previous highest run chase in T20 history was scripted by South Africa who overhauled 258-5 made by the West Indies in 2023
- Shashank Singh also impressed with the bat, making 68 not out off 28 balls with eight sixes and two fours
KOLKATA: Jonny Bairstow smashed a “ballistic” unbeaten century as Punjab Kings recorded the highest successful run chase in Twenty20 cricket with an eight-wicket thrashing of Kolkata Knight Riders in the Indian Premier League on Friday.
The England star clobbered nine sixes and eight fours in his 48-ball 108 to help Punjab overhaul Kolkata’s 261-6 with eight balls to spare in hot and humid conditions at the Eden Gardens.
“We got off to a good start and that was key. They got off to a flier themselves so we knew we had to go ballistic in the powerplay,” said Bairstow, named player of the match.
“When you’ve to chase 200-plus you’ve to take risks in the powerplay. Try and whack it as hard as possible.”
Shashank Singh also impressed with the bat, making 68 not out off 28 balls with eight sixes and two fours.
The previous highest run chase in T20 history was scripted by South Africa who overhauled 258-5 made by the West Indies in 2023.
“Shashank has done it all season, a lovely guy and special player. To have someone like him coming in and do that is unbelievable,” added Bairstow.
The match also saw the batsmen club 42 sixes — the most ever hit in a T20 game.
“Cricket has turned to baseball hasn’t it?” said Punjab captain Sam Curran.
“Guys can hit balls for long periods of time, the coaches, training, the dew, dot balls become wide after reviews and you get the extra ball. Stats are going out of the window.”
He added: “Really pleased for Jonny, he’s been on tour for a long time and was eager to score. Shashank, he was promoted to number four, he’s been our find of the season.”
Kolkata skipper Shreyas Iyer said his team will learn from the defeat.
“Both teams played tremendously. You have to go back to the drawing board and see where you went wrong,” said Iyer.
“Not defending hurts but it’s a great lesson for the players.”
Punjab registered only their third win from nine games and moved to eighth spot in the 10-team competition.
Kolkata, with five wins from eight games, remain in second place.
“From the dugout, I was watching the wicket. I felt the ball was coming on with good bounce,’ said Shashank.
“This match, the way Jonny batted was a huge positive. It was a great learning for me, we still have five more matches to go.”
Opening the Punjab innings, Bairstow put on 93 runs with impact sub Prabhsimran Singh (54) and another 85 runs with South Africa’s Rilee Rossouw (26).
Prabhsimran was run out by a direct throw from Sunil Narine who also chipped in with the wicket of Rossouw in the 13th over.
Despite the two dismissals, Shashank continued to unleash big shots, making sure Punjab did not lose their nerve while chasing the big total.
Earlier, Kolkata got off to a blistering start with Phil Salt and Narine sharing 138 runs off just 69 balls for the first wicket after being put in to bat.
Narine, dropped on 16, hammered four sixes and nine fours in his 32-ball 71 before holing out to Bairstow off leg spinner Rahul Chahar.
England’s Curran dismissed Salt who hit a 37-ball 75 studded with six sixes and six fours after being dropped twice by sloppy Punjab fielders.
Venkatesh Iyer chipped in with a cameo 39-run knock as Kolkata posted the highest IPL total ever at the Eden Gardens.
Kozuma shoots 63 to grab lead; Torque top team leaderboard
- Torque GC owns the team lead by shooting 20 under, the lowest first-round counting score by any team this year
- The Iron Heads are one shot back in second, while HyFlyers GC is third at 17 under
ADELAIDE, Australia: After shooting a bogey-free 9-under 63 to grab the first-round lead at LIV Golf Adelaide, Iron Heads GC’s Jinichiro Kozuma credited his putting prowess with helping him get through “some troubles here and there.”
His teammate and Friday playing partner Danny Lee, sitting next to Kozuma during the post-round press conference, was perplexed. “Trouble? What trouble?”
Indeed, the 29-year-old Kozuma seemed to have almost no trouble during the first round at The Grange Golf Club. He was 8 under after his first 11 holes and never gave up the lead on a day of low scoring before enthusiastic jampacked crowds at The Grange.
Kozuma will take a one-shot advantage into Saturday’s second round over Lee and Torque GC’s Carlos Ortiz. Four players are tied for fourth, two shots back – Mito Pereira (Torque), Peter Uihlein (RangeGoats GC), Andy Ogletree (HyFlyers GC) and Anirban Lahiri (Crushers GC).
Torque GC owns the team lead by shooting 20 under, the lowest first-round counting score by any team this year. Besides the contributions from Ortiz and Pereira, captain Joaquin Niemann — who leads the Individual Championship standings this season thanks to two individual wins — contributed a 67.
The Iron Heads are one shot back in second, while HyFlyers GC is third at 17 under. Crushers GC, who lead the season-long team race, are in fourth at 16 under. The hometown favorites Ripper GC, captained by Cameron Smith, are fifth at 15 under.
Kozuma, who’s in his first full year in LIV Golf after earning a spot via the Promotions tournament during the offseason, is leading for the first time after any round in his nine LIV Golf starts. His family is attending its first LIV Golf tournament this week to watch him play.
“I wanted to play really well in front of my family and impress all the family,” said Kozuma, whose round was highlighted by a 40-foot eagle putt. “I guess I got to do that, and I’m really happy about that.”
Non-captain teammates played together in the same group on Friday, and Kozuma and Lee will be together again in Saturday’s second round. They hope it will lead to another day of feeding off
each other.
“Whatever I was doing today and whatever Jinny was doing today worked out pretty good,” said Lee, the winner last year in Tucson. “We’re going to just enjoy each other’s company and keep our head down, keep making putts.”
Ortiz and Pereira also excelled together in the all-Torque group.
“It was really nice playing with these guys,” Ortiz said. “They holed out two holes in a row, so it felt like we were getting some momentum our way. Really happy the way I played, and just get it going.”
Kozuma, Lee, Pereira and Ogletree are among eight individual players who have yet to produce points (top 24 finish) through the first five tournaments this season. That they posted strong opening rounds at Adelaide is an indication that better results may be on
the horizon.
“Not the start (to this season) that I would like,” said Pereira, who finished eighth in the season-long standings last year. “… But trying to work hard to get my game back where it was last year, or
even better.”
For Kozuma and Lee, the focus for the next two rounds is not on points but just playing well and building on the momentum of Friday’s hot start.
“You can’t get too caught up in that kind of stuff,” said Lee, who was slowed by offseason surgery on his wrist. “I feel like that’s only putting a lot of pressure on yourself, so you’ve just got to let it go and keep your head down and just keep doing what we’ve been doing.”
Added Kozuma: “I don’t want to think too much about the points. I want to just enjoy where I’m at right now and play.”
Saudi Arabia exit 2024 AFC U-23 Asian Cup, fail to reach Paris Olympics
- A 2-0 defeat to Uzbekistan saw Saad Al-Shehri’s team depart at the quarterfinal stage of competition they won in 2022
DOHA: Saudi Arabia exited the 2024 AFC U-23 Asian Cup on Friday after a 2-0 loss to Uzbekistan at Khalifa International Stadium in Al-Rayyan.
The defeat means that the Green Falcons, winners of the the last edition of the tournament in 2022, cannot reach the 2024 Olympic Games in Paris — a bitter blow for coach Saad Al-Shehri who had led the team to the 2020 Olympic Games in Tokyo.
For Uzbekistan, the win brings a small measure of revenge having lost the last AFC U-23 Asian Cup final 2-0 to Saudi Arabia in Tashkent two years ago.
Uzbekistan took the lead through Khusayin Norchaev two minutes into first-half stoppage time, and Saudi Arabia’s task became harder when Ayman Yahya was sent off on 70 minutes.
Saudi’s 10 men could not find an equalizer, and Uzbekistan put the game to bed thanks to Umarali Rakhmonaliev’s goal on 84 minutes.
In Monday’s first semifinal at Abdullah Bin Khalifa Stadium in Doha, Uzbekistan will face Indonesia, who beat South Korea 11-10 on penalties after their quarterfinal ended in a 2-2 draw.
In the other semifinal, Japan, who beat hosts Qatar 4-2 after extra time, will await the winner of the last-eight clash between Iraq and Vietnam.
Meet Rima Al-Harbi, the first Saudi female to win at the AlUla Camel Cup
ALULA: “Our dream, as athletes, is to be able to represent our country; and for me to live my dream for my country — in my country — is the ultimate triumph,” Rima Al-Harbi told Arab News after making history this week as the first Saudi woman to win at the AlUla Camel Cup.
At last year’s inaugural competition, Al-Harbi was the only woman to compete in a field full of male riders. This year, the event included a women’s category. Al-Harbi returned. And this time she won.
“Most of the women I competed against this year have way more experience than me; it was truly a difficult race, in general,” Al-Harbi said. “But somehow, thanks to Allah, I didn’t feel like anyone challenged me. From the moment we started to when we reached the finish line, I was in first place.”
The 22-year-old, who was raised in nearby Madinah, where she still resides, grew up around camels. Both her father and grandfather competed in camel racing and she has a fierce love for the animal and for the sport. She credits her grandfather for encouraging her to learn how to ride when she was just seven years old. Now, she trains with her camel, Auf, for about two hours every day. She is continuing the family tradition and breaking records along the way.
Al-Harbi said that three of her sisters also ride camels, but “as a hobby.” She is the only one of her siblings to compete professionally.
Al-Harbi has opened a small training club for local women who want to try their hand at camel racing. Her aim is to strengthen the community and to find fellow Saudi women to join her journey.
“Since I have a deep love for the sport and have the opportunity and capability, why wouldn’t I want to help other women also get into the sport? These women want to try it as a hobby and we all have to start somewhere. I don’t take any funds for this; it is done out of pure passion. It is just about introducing the sport to women who are interested. I offer them guidance and advice, and we walk through the sport,” she said.
The four-day AlUla Camel Cup ends on Saturday. Al-Harbi did return the day after her victory to soak up the atmosphere and cheer on other riders, but don’t count on her being back for the final day.
“I will stay home to rest,” she told us with a laugh.
Saudi, UAE and Qatar secure wins on second day of AlUla Camel Cup
- Minister of Interior’s entry takes first race in the Hagayeg category
ALULA: Saudi Arabia, the UAE and Qatar provided the big winners on Day 2 of the second annual AlUla Camel Cup.
Held in unseasonably hot conditions, Thursday’s competition consisted of two 5 km categories, the Hagayeg and the Lagaya, with two races run in each.
Saudi Arabia’s Minister of Interior Prince Abdulaziz bin Saud bin Naif won the first Hagayeg race, much to the delight of spectators.
The Prince’s camel, aptly named AlUla, won in a time of 5 minutes 59.3 seconds. In the second Hagayeg race of the day, Shart, owned by Emirati Mohammed Al-Kutbi, took first place in a time of 5:57.8.
The day’s total prize pool of $6.83 million was split equally between the two categories.
Winners in each of the races received $870,000, second-place finishers earned $266,666, and those in third place received $133,333. The balance of the prize pool was distributed among the other finishers.
The event was organized by the Royal Commission for AlUla as part of the AlUla Moments calendar, in partnership with the Saudi Camel Racing Federation.
The 2024 AlUla Camel Cup offers spectators and participants a new and more expansive experience after the inaugural edition in March last year.
This year, designated Year of the Camel by the UN and the Ministry of Culture, the event pays homage to the desert animal that is so integral to the Kingdom’s heritage.
“The AlUla Camel Cup attracts the best riders and the best camels throughout not just the region, but the world,” said Mahmoud AlBalawi, executive director of the SCRF. “Qualification for the AlUla Camel Cup is deliberately challenging, with 11 camel races taking place under the federation’s jurisdiction throughout the season to qualify for this illustrious competition.”
AlBalawi said that the Saudi Camel Racing Federation’s programs “target all corners of Saudi Arabia in a bid to continue to grow and improve the cherished sport of camel racing. There are more than 50 camel racing tracks across the country, including the elite AlUla venue where the AlUla Camel Cup takes place.”
RCU’s chief sports officer, Ziad Al-Suhaibani, praised the participants and said: “The AlUla Camel Cup reflects the importance of camel racing as a symbol of the Kingdom’s heritage and culture.”
While the heritage sport dates from the seventh century, the event this year includes a more contemporary setup that caters to all the family. There are opportunities to take camel selfies, sample camel smoothies or listen to live folk music by local performers.
The final races take place on Saturday.
