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
Head, Abhishek star as ‘unreal’ Hyderabad crush Lucknow by 10 wickets
- Chasing a modest 166 for victory, Head, who smashed 89, and fellow left-hander Abhishek, who hit 75, tore into the opposition attack to romp home with 10.2 overs to spare
- Head is now third in the batting chart behind Virat Kohli (542) and Ruturaj Gaikwad (541) with his fourth half-century — he also has a ton — in this edition
HYDERABAD: Openers Travis Head and Abhishek Sharma smoked half-centuries as Sunrisers Hyderabad crushed Lucknow Super Giants by 10 wickets on Wednesday to boost their play-off hopes in the IPL.
Chasing a modest 166 for victory, Head, who smashed 89, and fellow left-hander Abhishek, who hit 75, tore into the opposition attack to romp home with 10.2 overs to spare at their home in Uppal.
“I’m lost for words. We’ve watched that batting on TV but that was unreal,” Lucknow skipper KL Rahul said of the bludgeoning by the Hyderabad openers.
“Everything was hitting the middle of the bat, kudos to their skill, they’ve worked very hard on their six-hitting.”
Australia’s Head attacked with a flurry of fours and sixes as he reached his fifty in 16 balls and went past 500 runs this season.
Head is now third in the batting chart behind Virat Kohli (542) and Ruturaj Gaikwad (541) with his fourth half-century — he also has a ton — in this edition.
He took on the spinners with aplomb and said the skill will be invaluable on the slow pitches in the West Indies during the T20 World Cup in June.
“Something I have been working on with spin, something I have been working hard on. It will be a big part in the Caribbean,” said man of the match Head.
“Nice to get 360 (degrees) and get to the parts of the ground I have not been to. We want to maximize the powerplay. It is not going to work every time but we want to go for it.”
The 30-year-old Head lauded his younger partner Abhishek, 23, and said: “His spin game is something else. We complement each other so well.”
Abhishek joined the charge as he got to his fifty in 19 balls after the pair took Hyderabad to 107 in the first six overs of powerplay, when only two fielders are allowed outside the inner circle.
Hyderabad, who won the IPL in 2016 under David Warner, registered their seventh win in 12 matches to hand a perfect gift to birthday boy and captain Pat Cummins, who turned 31 on Wednesday.
Abhishek hit the winning six as Hyderabad moved to third in the 10-team table with 14 points. Lucknow stay sixth after the bruising loss.
Top four teams will make the play-offs with the final on May 26 in Chennai.
Cummins said Head’s unconventional hitting does not “surprise” him anymore and praised Abhishek for being “an incredible player of spin” and pace.
Seam bowler Bhuvneshwar Kumar set up victory with impressive bowling figures of 2-12 in his four overs to restrict Lucknow to 165-4 after they elected to bat first.
Lucknow lost regular wickets until Nicholas Pooran, who hit 48, and Ayush Badoni, who smashed 55, put on an unbeaten stand of 99 in 52 balls to boost the team total.
But the score proved too little against a team which posted record totals of 277 and 287 in this high-scoring edition of the T20 tournament.
UAE adds 19 medals at Jiu-Jitsu Asian Youth Championship
- Hosts won of five gold, two silver, and 12 bronze medals in the U-18 division at Mubadala Arena
ABU DHABI: Emirati athletes excelled on day two of the Jiu-Jitsu Asian Youth Championship, winning five gold medals and raising the UAE’s total medal count to 28.
In Tuesday’s U-18 division jiu-jitsu competition, the host nation’s athletes stood out on the mats, securing an impressive tally of five golds, two silvers, and 12 bronze medals.
Featuring competitions for athletes under 16, 18, and 21 years old, the ongoing Jiu-Jitsu Asian Youth Championship is part of the eighth Jiu-Jitsu Asian Championship held under the patronage of Sheikh Khaled bin Mohamed bin Zayed Al-Nahyan, crown prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council, at Mubadala Arena from May 3-8.
The second day of the youth competitions witnessed action in various disciplines including duo-classic, show, jiu-jitsu, and jiu-jitsu fighting. The UAE Jiu-Jitsu National Team’s medals came in the jiu-jitsu discipline, the only category it is participating in.
Salem Alqubaisi (-56 Kg), Alanood Alharbi (-44kg), Abdulla Ahmed Aldarmaki (+85kg), and Zamzam Al-Hammadi (-57 kg) shone with gold medals for the hosts, while Shamsa Alameri (-48kg) and Khuloud Alblooshi (+70kg) bagged silver.
Haira Aldaheri (-40kg), Maitha Almezaini (-48kg), Mouza Alrashdi (-52kg), Saif Alblooshi (-44kg), Ebrahim Almansoori (+85kg), Mansoor Alblooshi (-48kg), Theyab Darmaki (-48kg), Obaid Saeed Alketbi (-52kg), Omar Younis Alraeesi (-52kg), Harib Alhammadi (-62kg), Ali Alteneiji (-77kg), and Majed Alshamsi (-85kg) took bronze.
“Despite their young age, our youth athletes demonstrated exceptional technical proficiency,” said Youssef Al-Batran, board member of the UAE Jiu-Jitsu Federation. “This accomplishment underscores the UAE Jiu-Jitsu Federation’s dedication to cultivating talent and creating a generation that proudly represents the UAE on the global stage.”
Khalifa Salem Andeez, the father of the athlete Ahmed Khalifa Andeez, was among the fans cheering for the under-18 athletes who took to the mats on Tuesday.
“I am here to encourage my son, who is participating in the 69 kg competition,” he said. “He performed well and reached the semi-finals. He couldn’t bag a gold medal today, but I am sure he will learn from his experience and perform better and aim for higher achievements.”
Salem Alqubaisi, the -56 kg gold winner, added: “There is no doubt that achieving the gold medal in the Jiu-Jitsu Asian Championship is a historic achievement for me that will keep me motivated to perform even better in the upcoming championships. I am extremely grateful to everyone who supported me in my journey towards the gold medal.”
Professional Fighters League signs talented UAE MMA duo
- Top Emirati prospects Hadi Al-Hussaini and Youssef Al-Housani will compete in Showcase bouts during the inaugural PFL MENA Season
- Combined roster of PFL and Bellator boasts 30 percent of its fighters independently world-ranked in the top 25 of their respective weight class
RIYADH: The Saudi-backed Professional Fighters League has announced the signing of two top MMA prospects from the UAE, flyweight Hadi Omar Al-Hussaini and featherweight Youssef Al-Housani to exclusive, multi-fight contracts.
The duo are expected to compete in Showcase bouts in the inaugural PFL MENA season, before joining next year’s season proper.
“We are thrilled to welcome two of the UAE’s top prospects to PFL MENA,” said Gustavo Firmino, vice president of fighter operations, PFL MENA. “The mission of the PFL is to find the best fighters in every region around the world. Our partnership with SRJ Sports has allowed the PFL to identify and sign exceptional fighters like Al-Hussaini and Al-Housani who we know have the potential to become global stars in the sport.”
Al-Hussaini joins PFL MENA with a 5-0-1 professional record. The former UAE Warriors standout trains at the world-renowned American Kickboxing Academy in San Jose, California under Javier Mendez, alongside world champions Islam Makhachev, Usman Nurmagomedov and Umar Nurmagomedov.
Youssef Al-Housani, meanwhile, joins PFL MENA with a 4-1 professional record. The Brazilian jiu-jitsu brown belt is an elite-level grappler with multiple Abu Dhabi jiu-jitsu pro championships to his name. Outside the cage, Al-Housani is an accomplished actor, appearing in the UAE-based TV show Ramadan.
PFL is the only organization in MMA with a sports-season format, where individual fighters compete in a regular season, playoffs, and championship each year. The combined roster of PFL and Bellator — purchased by PFL last year — boasts 30 percent of its fighters independently world-ranked in the top 25 of their respective weight class, the same percentage as UFC.
Top racers lined up for Tabuk Toyota Rally 2024 from King Khalid City
- Series leader Yazeed Al-Rajhi from Saudi Arabia heads field in his Toyota Hilux
TABUK: The Tabuk Toyota Rally 2024, round two of the Saudi Toyota Championship, will start from King Khalid City in Tabuk on Thursday afternoon, with most of the leading racers confirmed for the starting lineups.
The Saudi Automobile and Motorcycle Federation has laid on a challenging three-day desert route for the entrants, which include cars, motorcycles and quads, with approximately 419 kilometers to be timed against the clock.
Saudi Arabia’s Yazeed Al-Rajhi has an eight-point overall lead in the drivers’ championship, courtesy of his and Timo Gottshalk’s victory during round one in Hail.
Dark Horse OT3 driver Saleh Al-Saif is his nearest rival with Dania Akeel holding third place after making the switch from the Challenger category to driving an Overdrive Racing Toyota Hilux alongside Al-Rajhi in the Ultimate P section. Al-Saif’s co-driver Nasser Al-Kuwari trails Gottschalk by eight points in the co-drivers’ championship.
With Pal Lonyai and Ahmed Al-Kuwari not competing in Tabuk, the door is open for German driver Annett Quandt to climb the leader board. She currently holds sixth in the overall standings and switches from a Yamaha YXZ to drive a Can-Am Maverick X3 on this occasion. Her closest challengers in the overall drivers’ championship are Hamad Al-Harbi, Abdulaziz Al-Yaeesh and Maha Al-Hameli.
Al-Rajhi has had it all his own way so far in the Ultimate P category, while Al-Yaeesh arrives in Tabuk with a six-point cushion over Faris Al-Moshna in the Ultimate class. Khaled and Ahmed Al-Shammeri currently hold third and fourth places.
Al-Saif leads the absent Lonyai by seven points in Challenger, with Quandt, Al-Harbi and Al-Hameli looking to snatch the initiative from the OT3 driver. Hamza Bakhashab and Abdullah Al-Haydan are also registered in the category this weekend.
In the absence of the SSV category-leading Ahmed Al-Kuwari, Moaaz Hariri — who is a single point behind the Qatari — has the opportunity to pull clear of his nearest rivals. The Shegawi Racing duo of Esraa Al-Dkheil and Abdullah Al-Shegawi should provide stiff competition in their Can-Ams, although Waleed Al-Dakheel and Orjwan Ammar are also on hand for the battle.
Muneef Al-Shammeri heads to the start line with a 10-point lead over Sufian Al-Omer in the Stock category for series-production cross-country vehicles. Majed Al-Thunayyan is third, a further four points adrift in the standings.
MX Ride Dubai’s Mohammed Al-Balooshi wheels out his Husqvarna Rally Bike this weekend in a four-motorcycle team alongside his closest title rival Abdullah Al-Shatti, brother Sultan and fellow Emirati Marwan Al-Rahmani. Al-Balooshi holds a 10-point cushion over his Kuwaiti team-mate with Saudi Arabia rider Abdulhalim Al-Mogheera holding third and Hamdan Al-Ali and the absent Abdullah Abu Aisheh rounding off the top five.
Haitham Al-Tuwaijri (25 points) heads an eight-strong quad field and will defend a five-point cushion over Hani Al-Noumesi in the standings. Recent Baja TT Dehesa Extremadura winner Abdulaziz Al-Shayban is third on 16 points, three ahead of Abdulaziz Al-Atawi.
Thursday will see the ceremonial start at King Khalid Sport City precede the opening Prologue stage in Tabuk that will determine the starting order for the first of two desert selective sections on Friday morning.
Soccer or football, the world’s most popular sport has its own day for fans to celebrate — May 25
- The 193-member General Assembly adopted the resolution by consensus with a bang of the gavel by its president, Dennis Francis
- On May 25, the resolution “invites” all nations, UN bodies, international organizations, academia, civil society and the private sector to observe World Football Day
UNITED NATIONS: Soccer fans around the world will now have a day to celebrate the world’s most popular sport every year — May 25.
The United Nations General Assembly adopted a resolution Tuesday proclaiming May 25 as World Football Day. The sport is called football outside of the US.
The day marks the 100th anniversary of the first international soccer tournament in history with the representation of all regions which took place on May 25, 1924 during the summer Olympic games held in Paris, according to the resolution.
The 193-member General Assembly adopted the resolution by consensus with a bang of the gavel by its president, Dennis Francis, to applause from diplomats in the assembly chamber. It was co-sponsored by more than 160 countries.
Libya’s UN Ambassador Taher El-Sonni, who introduced the resolution, told the assembly, “Football or soccer as others call it is the number one game played and followed around the globe.”
But he stressed that soccer is more than just a game played by all ages on streets, in villages, schools and courtyards for fun and in competitions.
Because of its “unparalleled position” in the world of sports, El-Sonni said, “football serves as a universal language spoken across the globe, cutting across national, cultural and socio-economic barriers.”
He said the game has become “a pivotal platform” championing gender equality and social inclusion, “a common ground where individuals from varying backgrounds converge, promoting mutual understanding, tolerance, respect and solidarity.”
The resolution acknowledges “the global reach of football and its impact in various spheres, including commerce, peace and diplomacy, and recognizing that football creates a space for cooperation.”
It also recognizes “the fundamental role” of soccer’s international governing body, FIFA, and the important role of regional and national soccer federations, as well as relevant associations, in p romoting the game.
The resolution encourages all countries to support soccer and other sports as a tool to promote peace, development and the empowerment of women and girls. And it also encourages countries to adopt policies and programs to promote football and other sports and physical activities.
On May 25, the resolution “invites” all nations, UN bodies, international organizations, academia, civil society and the private sector to observe World Football Day in line with national priorities “and to disseminate the advantages of football for all, including through educational and public awareness-raising activities.”
