Chelsea crisis: Blues face ‘financial paralysis’

Robin Bairner

• Updated: 11 Mar 2022 19:53 GMT
• 3 min read

Chelsea’s financial issues caused by the sanctions put in place by the UK government against oligarch owner Roman Abramovich could yet have a catastrophic impact on the club.

The sanctions have been brought against Abramovich because of his alleged links with Russian President Vladimir Putin, who is presently mounting an invasion on Ukraine. For his part, the Chelsea owner has always denied a close link with Putin.

While it was evident that the Stamford Bridge side was in deep trouble when news of the sanctions broke on Thursday, the extent of the issues are only now becoming evident.

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Indeed, a report in The Times states that Chelsea are presently facing “financial paralysis”.

Although the club has been granted an operating licence that allows them to spend money on very specific expenses, it is indicated that several club credit cards have been frozen. Barclaycard are reported to have suspended Chelsea’s account for fear of breaching government regulations.

Quoting an unnamed source, the paper states: “The licence allows the club to continue with day-to-day activities but the banks don’t have the risk appetite for it. They’ve frozen some of the corporate credit cards. It’s put a lot more pressure on the club.

“It’s making it even more difficult to run our day-to-day operations.”

What does this mean for Chelsea?

The consequences of Chelsea’s bank accounts being frozen are grave. Indeed, these issues could rapidly lead to them accumulating debts and there is even the prospect of insolvency, which would result in a nine-point penalty.

“Some players will feel uncertainties, some will maybe be a bit frightened, some will be concerned, it’s normal, and it’s also not only about the players. We have a lot of people in the staff and in the club who are maybe also worried and scared and uncertain,” manager Thomas Tuchel has admitted.

Key sponsors have already pulled their support for Chelsea, with shirt sponsor Three among those to have withdrawn their backing for the club.

Meanwhile, Chelsea are not permitted to sell tickets, club merchandise or even negotiate new contracts for players, though they are hopeful their accounts will be quickly unfrozen.