Roman Abramovich Thread

[Jase 43,479]

10 hours ago, milka said:

 

Welp. 

[Jase 43,479]

Abramovich was not ‘directed’ to buy Chelsea FC by Putin, court hears

[NikkiCFC 7,734]

https://www.dailymail.co.uk/sport/sportsnews/article-10061697/Chelsea-owner-Roman-Abramovich-set-visit-club-time-THREE-YEARS.html

Chelsea owner Roman Abramovich is set to visit his club for the first time in THREE YEARS after experiencing issues with his entrepreneurial visa as he heads to London to spend time with family

[ZAPHOD2319 4,095]

 

[Vesper 27,676]

Explained: Chelsea’s debt to Abramovich passes £1.5 billion

https://theathletic.com/3047181/2022/01/05/Chelsea-debt-abramovich-passes-1-5-billion/

Chelsea’s debt to Roman Abramovich now exceeds £1.5 billion, spanning the Russian’s 18-year ownership of the Premier League club.

Annual accounts for Fordstam Limited for the financial year ending June 30, 2021 confirm that the oligarch poured a further £19.9 million of interest-free loans into Chelsea FC plc’s parent company last season, underlying the club’s continued reliance upon the Russian’s backing.

Chelsea, hampered by the financial ramifications of the COVID-19 pandemic which largely condemned football behind closed doors throughout last season, recorded a pre-tax loss of £155.9 million for the year, despite being crowned European champions for the second time in their history in May.

So what is Fordstam?

Fordstam Limited, with its registered address of Stamford Bridge, is owned by Abramovich and serves as Chelsea FC plc’s parent company. Its funding is ploughed into Chelsea FC plc as equity, and then on to the football club itself — Chelsea Limited — again as equity, to cover any cash losses sustained.

Fordstam’s latest accounts note that funding “is provided by the ultimate controlling party, Mr R Abramovich” in the form of an interest-free loan. The accounts add: “The Group (Fordstam’s subsidiary undertakings) has received an increase in funding of £19.9 million during the last financial year”. That is mirrored in Chelsea FC plc’s accounts.

Abramovich bought Chelsea in 2003 and has since overseen unprecedented success at the club. His money has helped them to claim five Premier League titles, five FA Cups, three League Cups, two Europa Leagues and two European Cups in that period. The team have already won the UEFA Super Cup this season and are still involved in five competitions, including the FIFA Club World Cup that will take place next month in Abu Dhabi.

That success has been bankrolled by Abramovich’s money. Note 22, on creditors, in the financial statements in Fordstam’s 44-page annual report confirms that the balance “on all related party loans at 30 June, 2021 was £1,514.4 million”, up from £1,494.5 million the previous year.

The loans are theoretically repayable on 18 months’ notice to Camberley International Investments Limited, a company that is understood to be controlled by Abramovich. Yet, as the loans are provided by the owner himself — the oligarch would have to repay himself from the proceeds if he ever sold the club — Chelsea can refer to themselves as being effectively debt-free.

Chelsea FC plc made clear in their annual report that the company is “reliant on Fordstam Limited for its continued financial support”, adding: “The company has received confirmation from its parent undertaking that sufficient funds will be provided to finance the business for the foreseeable future”.

What did Chelsea’s own accounts reveal?

Chelsea’s accounts were published on December 29, 2021 and laid bare the cost of COVID-19 and a season of heavy transfer spending at Stamford Bridge.

A pre-tax profit of £35.7 million had been transformed into that £155.9 million loss, with match-day revenues (down from £46.8 million to £7.7 million) and commercial income (down £16.8 million) seriously impacted by football behind closed doors.

The club’s turnover actually increased from £407.4 million to £434.9 million, largely driven by an increase in broadcasting revenue stemming from the late finish to the 2019-20 Premier League season after Project Restart, but also the team’s success in winning the Champions League for a second time.

The Chelsea hierarchy, who opted against making use of the government job retention scheme through the 2020-21 financial year, believed the club’s turnover would have exceeded £500 million for the first time had it not been for the pandemic.

What was the damage in terms of transfer spending and the wage bill?

The club’s accounts, as well as those of Fordstam, detail the heavy investment in the team when Chelsea re-entered the market with a vengeance after their FIFA transfer ban to reinvigorate the playing staff in the summer of 2020.

The club spent £222.2 million on the playing squad over the 2020-21 financial year — adding Kai Havertz, Timo Werner, Hakim Ziyech, Ben Chilwell, Edouard Mendy and Thiago Silva to their ranks — with that figure also including existing player contract renegotiations. The outlay will be amortised — the accounting principle of gradually writing off what it cost you to buy an asset over time — over the length of the respective players’ contracts.

They raised £27.9 million in sales, principally those of Victor Moses to Spartak Moscow and midfielder Nathan to Atletico Mineiro. The Brazil youth international had joined Chelsea in 2015 but never played for the club.

Chelsea’s annual wage bill rose by 17.5 per cent to £333 million — only Manchester City, who paid £351 million in salaries over the 2019-20 season, boast higher in the Premier League — and includes incentive payments and bonuses to players linked to their Champions League success. However, the club continues to comply with UEFA’s break-even criteria under the governing body’s financial fair play regulations.

Since the reporting date, both sets of accounts note that “the Group has acquired the registration of three football players at an initial cost of £109.7 million and disposed of the registration of 13 players at a profit of £103.7 million”. They could also receive a further £16.4 million if outstanding clauses in previous transfers are all met.

The three new arrivals last summer were Romelu Lukaku — for a club-record fee, making up the vast majority of that outlay — Marcus Bettinelli and the loanee from Atletico Madrid, Saul Niguez. Again, though, the figure will be amortised (spread out over a number of years) meaning the club will record a healthy profit in terms of player trading in their next accounts.

What did Chelsea say when releasing their accounts?

The board of Chelsea FC plc acknowledged their continued reliance on Abramovich in a difficult economic climate and pointed to the European Cup triumph as having helped offset the impact of the pandemic on revenues.

“Throughout this period we have continued to receive the full commitment and support of the owner across the entire business allowing us to continue to invest in our playing squad during this period,” said the chairman, Bruce Buck. “This is, of course, while working within the regulatory framework and constraints with which we must operate.

“The strength, stability and long-term approach of our financial operation means our revenue streams remain strong, however, COVID-19 will continue to have an impact going into the next financial year as our commercial operations resume normal activities.”

[Fulham Broadway 16,498]

5 minutes ago, Vesper said:

Yet, as the loans are provided by the owner himself — the oligarch would have to repay himself from the proceeds if he ever sold the club — Chelsea can refer to themselves as being effectively debt-free.

Thats the crucial bit. And I dont for one minute think hes like so many owners, like the Glazers, just parasites using a club as a vehicle for profit.  Anyway the real safety net we have is the CPO. Chelsea Pitch Owners 👍

[milka 3,317]

Almost 10 years since  and pain is still  there 😄

 

[Fulham Broadway 16,498]

We need to keep an eye on whether Russia invades Ukraine. Could have massive implications for cash flow for the club, transfers etc

US anti Corruption campaigner Bill Browder has said oligarchs such as Abramovich must be targeted with sanctions -Liz Truss has also mooted this, even if they dont invade. 

[Vesper 27,676]

On 31/01/2022 at 10:52, Fulham Broadway said:

We need to keep an eye on whether Russia invades Ukraine. Could have massive implications for cash flow for the club, transfers etc

US anti Corruption campaigner Bill Browder has said oligarchs such as Abramovich must be targeted with sanctions -Liz Truss has also mooted this, even if they dont invade. 

we might be seized

deffo not imminent, but the threat is there

Kremlin Slams ‘Alarming’ British Threat to Seize Oligarchs’ Property

https://www.themoscowtimes.com/2022/01/31/kremlin-slams-alarming-british-threat-to-seize-oligarchs-property-a76208

The Kremlin vowed Monday to retaliate if Britain seized Russian oligarchs’ London properties as part of sweeping sanctions aimed at deterring Moscow from invading Ukraine.

British Foreign Secretary Liz Truss promised Sunday to unveil legislation this week introducing a wide range of sanctions that could target “any company of interest to the Kremlin.”

NEWS

Russia Warns Against ‘Destructive’ Sanctions on Putin

READ MORE

“There will be nowhere to hide for Putin's oligarchs,” Truss told Sky News, adding that “nothing is off the table” when asked about Britain’s ability to seize property in London.

President Vladimir Putin’s spokesman Dmitry Peskov described Truss’ warning as an “extremely alarming” statement that “undermines investment attractiveness and the United Kingdom’s attractiveness as such.”

“It’s not often you see or hear such direct threats to attack a business,” Peskov told reporters.

He added that Moscow will “proceed from its own interests when formulating retaliatory measures.”

“An attack by one particular country on Russian business of course implies retaliatory measures,” the state-run TASS news agency quoted Peskov as saying.

When asked about the challenge of “uprooting” Kremlin-linked oligarchs enmeshed in Britain’s politics, real estate and financial industry, Truss said: 

“There’s a real threat here to freedom and democracy in Europe, and that is more important than short-term economic gains.”

Edited February 1, 2022 by Vesper

[Fulham Broadway 16,498]

11 hours ago, Vesper said:

we might be seized

deffo not imminent, but the threat is there

Kremlin Slams ‘Alarming’ British Threat to Seize Oligarchs’ Property

https://www.themoscowtimes.com/2022/01/31/kremlin-slams-alarming-british-threat-to-seize-oligarchs-property-a76208

The Kremlin vowed Monday to retaliate if Britain seized Russian oligarchs’ London properties as part of sweeping sanctions aimed at deterring Moscow from invading Ukraine.

British Foreign Secretary Liz Truss promised Sunday to unveil legislation this week introducing a wide range of sanctions that could target “any company of interest to the Kremlin.”

NEWS

Russia Warns Against ‘Destructive’ Sanctions on Putin

READ MORE

“There will be nowhere to hide for Putin's oligarchs,” Truss told Sky News, adding that “nothing is off the table” when asked about Britain’s ability to seize property in London.

President Vladimir Putin’s spokesman Dmitry Peskov described Truss’ warning as an “extremely alarming” statement that “undermines investment attractiveness and the United Kingdom’s attractiveness as such.”

“It’s not often you see or hear such direct threats to attack a business,” Peskov told reporters.

He added that Moscow will “proceed from its own interests when formulating retaliatory measures.”

“An attack by one particular country on Russian business of course implies retaliatory measures,” the state-run TASS news agency quoted Peskov as saying.

When asked about the challenge of “uprooting” Kremlin-linked oligarchs enmeshed in Britain’s politics, real estate and financial industry, Truss said: 

“There’s a real threat here to freedom and democracy in Europe, and that is more important than short-term economic gains.”

Media are already having a pop, softening up for any action to be taken.....

 

 Here we reveal the world's biggest carbon scrounger.

Roman Abramovich - 33,000 metric tonnes of Co2 a year

The owner of Chelsea FC blasts as much Co2 into the atmosphere as a third of a million Rwandans, analysis suggests amid a warning that billionaires across the globe are "plundering the planet".

The biggest billionaire carbon scroungers have been revealed in a piece of analysis which puts Russian oligarch Roman Abramovich at the top of the pile.

By steaming around the Mediterranean in his super yacht - one of the largest in the world - and jetting off in a private plane with a 30-seat dining room, the 55-year-old dumps 33,859 tonnes of Co2 into the atmosphere each year, according to Ecowatch.

That is 4,200 times more than the average Brit.

Abramovich cruises the Mediterranean in his superyacht the Eclipse, which at 162.5 meters bow to stern is the second-biggest in the world, according to Super Yacht Fan.

In addition, he owns the most expensive custom-made superyacht ever constructed - the Solaris - which has helipad, a swimming pool and 48 cabins, and is worth close to £500million.

The oligarch also has a Boeing 767 with a 30-seat dining room for long trips, a Gulfstream G650 jet for shorter rides, two helicopters and a submarine on his yacht.

When not travelling in luxury, Abramovich resides in one of his many homes including a mansion in London's Kensington Park Gardens, a chateau in Cap D'Antibes in France and a 28-acre estate in St. Barts, according to the Daily Star.

With the average Rwandan producing just 0.1 tonnes of Co2 a year - one of the lowest per capita totals globally - Abramovich is responsible for pumping the same amount of green house gases into the air as 338,590 people.

 

[ahmedou 128]

[milka 3,317]

[Vesper 27,676]

8 minutes ago, milka said:

FUCK YAH!!!

[Vesper 27,676]

I am terrified we are going to seized if Russia invades Ukraine.

😪

 

[Mário César 903]

50 minutes ago, Vesper said:

I am terrified we are going to seized if Russia invades Ukraine.

😪

 

why?

[Vesper 27,676]

13 minutes ago, Mário César said:

why?

because IF Russia invades Ukraine NATO, IK, USA will retaliate in truly staggering financial ways, including going after all Putin-linked oligarchs' assets in the West, and Abramovich is near the top of the list

plus, as a shedload of his money is tied up in Russian banks, he will be fucked in terms of transferring assets outside of Russia, as the country will be blocked by all major economic financial systems globally

Edited February 15, 2022 by Vesper

[Vesper 27,676]

https://www.americanprogress.org/article/how-the-united-states-should-respond-if-russia-invades-ukraine/

[Vesper 27,676]

1 minute ago, Vesper said:

https://www.americanprogress.org/article/how-the-united-states-should-respond-if-russia-invades-ukraine/