Roman Abramovich is DISQUALIFIED as a director of Chelsea by the Premier League and club loses ANOTHER sponsor

 191 total views,  2 views today

South Korean car giant Hyundai has become the latest high profile sponsor to pull the plug on their existing deal with Chelsea after the club’s oligarch owner Roman Abramovich was today disqualified as a director by the Premier League.

Chelsea’s current sleeve sponsors, who were in the final year of their £50million deal, released a statement on Saturday in which they confirmed they had suspended ‘marketing and communications activities’ with the west London club.

A Hyundai spokesperson said in a statement: ‘In the current circumstances, we have taken the decision to suspend our marketing and communication activities with the Club until further notice.

Hyundai has been Chelsea’s ‘official global automotive partner’ since 2018.

The developments come as the Premier League today disqualified Mr Abramovich from running Chelsea after the Russian was sanctioned by the British government over Vladimir Putin’s illegal invasion of Ukraine.

‘The board’s decision does not impact on the club’s ability to train and play its fixtures, as set out under the terms of a licence issued by the Government which expires on 31 May 2022,’ the league said.

The Government claims the Russian oligarch, who has owned Chelsea since 2003, received financial benefits from the Kremlin – including tax breaks for his companies, the buying and selling of shares from and to the state at favourable rates and contracts in the run up to the 2018 World Cup in Russia, it was claimed.

The New York Merchant Bank the Raine Group has also agreed to Chelsea’s sale proceeding with Government approval, it’s understood.

Brands worldwide have been desperate to distance themselves from Russia following Putin’s brutal invasion of Ukraine, which began more than two weeks ago.

The news comes just days after mobile phone company Three demanded their name was removed from the team’s first team kits and stadium. Delivery start-up Zapp also confirmed it had temporarily paused activities with the Blues on Saturday.

On Friday, Chelsea asked the Government to ease sanctions to save them from going bust in 17 days as ministers consider forcing through the club’s £3billion sale without Roman Abramovich giving permission or getting any of the cash.

The premier league club have now been handed a new licence to continue operations and the European champions are still locked in negotiations with the Government to ease restrictions.

Under the new agreement, Chelsea spend of £500,000 increases to £900,000 on costs for home games, the BBC reported.

Costs of travel, allowable, remain at £20,000 per game.

The Digital, Culture, Media and Sport (DCMS) welcomed his disqualification.

The body said: ‘The government has made clear that we need to hold to account those who have enabled the Putin regime.’

In light of the news BBC sports commentator, Gary Lineker, said a ‘fit and proper person test’ is long overdue in football.

He added: ‘An independent regulator is probably the only way to do this.’

New York merchant bank the Raine Group has now assessed the terms of the licence, the PA news agency understands, and agreed a route forward for the Chelsea sale with the Government.

The Premier League board’s decision to disqualify Mr Abramovich is unlikely to have any real impact given the sale process was already under way.

It also does not affect Chelsea’s ability to play matches.

Technology minister Chris Philp told Times Radio on Friday that anyone who wants to buy the club can ‘approach the Government’.

He said: ‘No proposal would be accepted which saw the money, the proceeds of any sale, ending up in an unrestricted bank account owned by Abramovich. He can’t benefit from the proceeds of any sale.’

source: dailymail.co.uk