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Roman Abramovich attends the UEFA Champions League Final between Manchester City and Chelsea FC at Estadio do Dragao Porto, Portugal, on May 29. (Alexander Hassenstein/UEFA/Getty Images)

The Portuguese government has authorized the sale of Chelsea FC, the London football team owned by Roman Abramovich, a Russian businessman and Kremlin ally.

Abramovich is subject to sanctions by the UK government and has seen his assets frozen.

He put the club up for sale in early March following the Russian invasion of Ukraine, saying at the time that it was “in the best interest of the club.”

Abramovich has Portuguese citizenship and, due to sanctions, the government in Lisbon was required to approve the sale.

“Portuguese authorization is a result of the guarantee given by British authorities that proceeds from the sale will be used for humanitarian ends, without benefiting directly or indirectly the club owner, which is on the European Union sanctions list,” the government said in a statement Wednesday evening.

“The national position has the assent of the European Union,” the Portuguese executive added.

The UK government has already permitted the sale, which will end Abramovich’s almost two decades as owner of the club. 

And on Tuesday the English Premier League announced that its board had approved the sale of the club.

The deal, worth more than $5 billion, will see an ownership group led by Todd Boehly take control.

Boehly has invested in a portfolio of sporting franchises, including stakes in the MLB’s Los Angeles Dodgers, the NBA’s Los Angeles Lakers and the WNBA’s Los Angeles Sparks.

Quoted from Various Sources

Published for: The Bloggers Briefing