What it means for the club
Under the sanctions, the sale of Chelsea FC has been paused and the club is now subject to a special government license which strictly regulates what it can and cannot do.
Currently, the club can continue to play matches — as it did Thursday evening — and undertake “reasonable travel costs” up to a maximum of £20,000. However, only season-ticket holders and those who have already bought tickets will be allowed to attend.
In the meantime, the club will no longer be allowed to transfer or loan players; broadcast and prize money has also been frozen. The official Chelsea club shop closed Thursday and some staff were partially laid off.
Partners and sponsors walk away
The upheaval surrounding the club doesn’t appear to have dampened interest from prospective buyers, with reported bidders including British property tycoon Nick Candy.
However, it has seen sponsors and commercial partners distance themselves from the previously esteemed club.
Nike on Friday was reportedly considering walking away from a £900 million, 15-year deal agreed with Chelsea in 2016. Such a move could see the Stamford Bridge club miss out on £540 million.
British telecoms network Three, the club’s principal shirt sponsor, confirmed Thursday that it was suspending its partnership worth an estimated £40 million a year.
The moves mark a major blow for the club whose revenues rely largely on broadcasts and commercial deals.
In the meantime, the sudden shock has raised questions from those who say greater due diligence is needed on foreign owners and sponsors of British Premier League clubs.
“The situation at Chelsea does demonstrate, yet again, why we need an independent regulator with really tough owners’ tests,” said British MP Tracey Crouch, who chaired a recent fan-led review into football governance.
Last week, Everton suspended all sponsorship deals with the Uzbek oligarch Alisher Usmanov, another of Putin’s allies struck by sanctions.c
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