Funds from the sale of Chelsea Football Club by Roman Abramovich have earned at least £175 million in interest while frozen in a UK bank account, according to The Guardian. The latest accounts show this has led one analyst to describe the company holding the frozen funds as "the world's most profitable football business."

Accounts for Fordstam Ltd, the company through which the Russian billionaire owned Chelsea, show that the proceeds from the sale, completed in May 2022, have grown from £2.3 billion to almost £2.5 billion.

Abramovich was sanctioned by the UK in 2022 due to his ties with Vladimir Putin. He had previously pledged to donate the money to victims of the war in Ukraine. However, due to ongoing legal disputes with the UK government over the use of the funds, the money remains frozen.

The situation is further complicated by a separate criminal investigation launched by Jersey authorities into the original source of the oil tycoon's wealth.

Another uncertainty is whether a £1.4 billion loan, part of the vast network of offshore companies Abramovich used to bankroll Chelsea's success, will be deducted from the final amount available for donation.

Meanwhile, the initial £2.35 billion has been rapidly generating interest, earning £114 million in 2024 and nearly £63 million in the previous year. As the latest accounts cover up to June 2024, and more than two years have passed since then, the final total is likely to have increased significantly.

Stefan Borson, a football finance expert and head of sport at McCarthy Denning solicitors, said: "With the interest received, this now looks like the world's most profitable football-related business." He made the comment with irony, pointing to the general lack of profitability in high-spending football clubs.

He added: "This doesn't clarify whether progress has been made on the distribution of the sale proceeds."

Due to the dispute with the UK government, the £2.5 billion sale proceeds remain frozen in a Barclays bank account. The UK government has pledged legal action if Abramovich fails to release the funds by a March 2026 deadline.

The government wants the money to be used exclusively for Ukraine, but Abramovich is reportedly prepared to defy ministers and hand the money to a foundation with a more global outlook.

A government spokesperson said: "We have been clear from the outset that the proceeds from the sale of Chelsea Football Club must be used for humanitarian causes in Ukraine. Roman Abramovich has still not delivered on the promise he made at the time of the sale. The government is taking further steps to ensure that commitment is delivered, including continuing to prepare for potential legal action if necessary.

"Our absolute priority remains ensuring these funds reach the most vulnerable people in Ukraine who have endured over four years of relentless suffering."

It is also unclear whether the donation will be reduced by Abramovich's demand for Fordstam to repay a £1.4 billion loan provided by his Jersey-based Camberley International Investments.

Kieran Maguire, a football finance expert, said: "It has always been unclear whether Abramovich intended to donate all the proceeds from the sale to the Ukraine relief fund, or just the profit."

He added: "The amount due to his offshore company is still in the accounts, which suggests the latter is more likely."

The future of this loan is further complicated by two factors.

As long as Abramovich remains on the sanctions list, the money cannot be legally repaid to him without permission from the Office of Financial Sanctions Implementation (OFSI) at the Treasury.

Meanwhile, Jersey prosecutors are investigating whether the Chelsea sale proceeds constitute criminal proceeds as part of a corruption and money laundering investigation. The investigation focuses on the source of Abramovich's vast wealth, including his sale of oil and gas company Sibneft, which the Russian government acquired for $13 billion in 2005.

The Guardian has contacted Roman Abramovich's lawyers for comment.

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