Connect with us

News

Chelsea plunged into crisis as UK imposes sanctions on Roman Abramovich

Published

on

Chelsea plunged into crisis as UK imposes sanctions on Roman Abramovich

Chelsea Soccer Membership has been plunged into disaster after the UK levelled sanctions towards its proprietor Roman Abramovich, placing its sale on maintain, proscribing attendance at matches and jeopardising sponsorship offers.

The UK authorities on Thursday imposed an asset freeze on the Russian billionaire, blocking him from promoting the English Premier League membership he has owned since 2003.

Chelsea, holders of the Uefa Champions League and Fifa Membership World Cup, two of essentially the most prestigious titles in membership soccer, is now topic to a variety of restrictions designed to forestall Abramovich from benefiting from his possession of the membership.

The sanctions spotlight the dangers related to the rise of politically related billionaire house owners in English soccer whereas elevating questions on Abramovich’s legacy at Chelsea, the place many followers reward him for bankrolling the workforce’s success over 20 years.

“What occurs post-Abramovich ought to have been on folks’s minds,” stated one senior soccer government. “The large downside with the benefactor mannequin is what occurs afterwards.”

Advertisement

The federal government’s transfer towards Abramovich imposes heavy restrictions on Chelsea, prohibiting any new revenue-raising exercise and forcing it to freeze any funds it receives, together with broadcast income and cash from competing within the home league and European competitions.

Solely funds which can be important to the operation of the membership are permitted. The membership’s bodily and on-line shops can not function, whereas the sale of merchandise equivalent to reproduction shirts is barely permitted by third events which have already acquired inventory.

Telecoms group Three, the Premier League facet’s most important shirt sponsor in a deal that runs till 2023, is reviewing its contract as a result of it’s not in a position to make common funds to Chelsea, based on folks briefed on the matter.

Three is contemplating the influence to its status from any continued affiliation with the workforce and is prone to ask for the brand to be faraway from the membership’s shirts for the rest of the contract, the folks stated.

Though Chelsea can proceed paying gamers, different employees and payments, it can not pay charges or dividends to Abramovich, whereas a authorities official confirmed that he’s unable to promote the membership “at the moment”.

Advertisement

The official stated the federal government “would take into account an utility for a licence” to promote the membership however that Abramovich wouldn’t be allowed to profit from the sale whereas he’s underneath sanctions.

Below the present licence the switch or mortgage of gamers out and in of the membership isn’t permitted.

The deliberate sale of Chelsea had attracted the curiosity of high-profile billionaires together with former Apollo International Administration co-founder Josh Harris, co-owner of the Los Angeles Dodgers baseball workforce Todd Boehly and a consortium led by the Ricketts household, which owns the Chicago Cubs baseball facet.

Abramovich had tasked Joe Ravitch, co-founder of US boutique service provider financial institution Raine, with dealing with the sale course of.

“It’s unprecedented,” stated an government at a rival membership, warning that Chelsea could lose gamers who’re out of contract in the summertime if the possession issues can’t be resolved. “The larger points should be existential reasonably than operational.”

Advertisement

The federal government has additionally put a restrict of £20,000 a recreation on how a lot Chelsea can spend on journey to and from fixtures.

Abramovich’s Fordstam entity, via which he owns Chelsea, has virtually £1.5bn in debt within the type of loans from the billionaire, though he has beforehand stated he wouldn’t search to be repaid.

Chelsea stated it deliberate to method the federal government to debate the scope of the licence that enables it to proceed working, and would search “permission for the licence to be amended to ensure that the membership to function as regular as potential”.

Each Chelsea and the Premier League stated the membership’s fixture towards Norwich on Thursday would go forward.

Advertisement

Weekly publication

Scoreboard is the Monetary Occasions’ must-read weekly briefing on the enterprise of sport, the place you’ll discover the perfect evaluation of monetary points affecting golf equipment, franchises, house owners, traders and media teams throughout the worldwide trade. Enroll right here.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

News

Coldest air so far this season expected overnight in North Texas

Published

on

Coldest air so far this season expected overnight in North Texas
Coldest air so far this season expected overnight in North Texas – CBS Texas

Watch CBS News


The National Weather Service has issued a Cold Weather Advisory that will stay in effect until 10 a.m. Monday. Be sure to bundle up.

Advertisement

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.


Advertisement
Continue Reading

News

New Orleans Attacker Visited City Twice and Made Trips to Egypt and Canada

Published

on

New Orleans Attacker Visited City Twice and Made Trips to Egypt and Canada

Months before the man behind the New Orleans terror attack plowed a truck into a New Year’s Day crowd, he rode through the area on a bicycle, recording videos of his target using eyeglasses with a built-in camera, investigators said on Sunday. He was back again a few weeks later, they said, probably to continue his plotting.

Those details emerged as investigators revealed more about the driver and the extensive planning behind the attack, which killed 14 people, injured many others and left New Orleans starting 2025 grappling with a cascade of anguish and alarm.

Investigators have been pushing to piece together a clear timeline of the attacker’s actions. The investigation has entailed establishing a beat-by-beat accounting of his movements in the hours immediately before the attack, which included loading guns in his rented pickup truck and planting explosive devices in coolers near the site of the attack, Bourbon Street in the city’s French Quarter.

A far more sprawling search is looking back years to try to understand how a 42-year-old Army veteran with a lucrative job at an international accounting firm came to be radicalized, claiming alignment with the Islamic State terrorist group, better known as ISIS.

Investigators found that the attacker, Shamsud-Din Jabbar, had made trips to Egypt and Canada in 2023. But they said on Sunday that they had yet to determine what role, if any, those travels might have played in his evolving beliefs or his planning for the New Orleans attack.

Advertisement

“Our agents are getting answers as to where he went, who he met with and how those trips may or may not tie into his actions here in our city,” Lyonel Myrthil, the special agent in charge for the F.B.I. in New Orleans, said at a news conference.

New Orleans has been immersed in grief since the attack, but also marching forward, reopening Bourbon Street to the public and preparing to host the Super Bowl next month, as well as the season of celebration that precedes Mardi Gras. A crowd gathered on Bourbon Street on Saturday evening for a vigil that included a traditional second line. President Biden is scheduled to visit New Orleans on Monday.

”I believe only the power of prayer and faith in God can pull them and us through this time,” Gov. Jeff Landry, Republican of Louisiana, said on Sunday, referring to the pain the families of the victims and the community as a whole were navigating.

The attack ended when Mr. Jabbar, was killed in a shootout with the police that left two officers wounded. Officials praised the police for a swift response that they credited with sparing the city from more carnage.

Mr. Jabbar expressed allegiance to ISIS after a transformation that perplexed and troubled those who knew him. He had the group’s flag on the rented Ford F-150 pickup truck that he used in the attack. In a video that he recorded for his family, he said, “I wanted you to know that I joined ISIS earlier this year.”

Advertisement

Officials said on Sunday that they continue to believe Mr. Jabbar acted alone in carrying out the attack, and that they were still trying to determine whether he had deeper ties to ISIS. It remained unclear why he chose New Orleans as his target, officials said.

Christopher Raia, an F.B.I. counterterrorism official, said that individuals like Mr. Jabbar — who typically are radicalized online, use easily accessible weapons and act alone or in small clusters — were perhaps the “greatest terror threat” the country faces.

“They are difficult to identify, investigate and disrupt,” he said at the news conference on Sunday.

Investigators were also trying to find out where Mr. Jabbar went and what he did when he visited New Orleans in November, the second pre-attack visit that officials are aware of. The first visit, when he recorded the video images from a bicycle, took place in October.

Investigators discovered that he had left two improvised explosive devices in coolers at nearby locations shortly before ramming his truck into the Bourbon Street crowd early on New Year’s morning. They said he appeared to have had limited experience in building and using explosives, and the devices he created were crude, but they believed some of them could have been effective.

Advertisement

Mr. Jabbar had a transmitter in the rented pickup. “We believe that the transmitter would have functioned,” Mr. Myrthil said.

One of the coolers had been moved from where Mr. Jabbar had placed it, officials said, but the people who moved it were “unknowing Bourbon Street visitors” who had no connection to Mr. Jabbar.

Both devices were deactivated by the authorities shortly after the ramming attack.

Investigators said Mr. Jabbar had rented the pickup weeks before the attack, and drove it to New Orleans from his home in Texas, arriving on the afternoon of Dec. 31. Investigators found bomb-making materials at a residence he had rented in New Orleans, where he had set a fire just before setting off for the French Quarter. Officials said the fire burned itself out within a few hours and was already extinguished by the time firefighters arrived at the home.

Advertisement
Continue Reading

News

Joe Biden prepares to bow out

Published

on

Joe Biden prepares to bow out

This article is an on-site version of our The Week Ahead newsletter. Subscribers can sign up here to get the newsletter delivered every Sunday. Explore all of our newsletters here

Hello and welcome to the working week.

On Monday, the US Congress will preside over the electoral college vote count, which will certify Donald Trump’s election victory. Although this is typically no more than a small formality, the last occurrence four years ago was tarnished by the attack on the US Capitol building.

The Biden administration’s days are numbered. The FT’s Washington team will be keeping a close eye on any last-minute initiatives from the White House over the coming days, especially on Ukraine and the climate, as the outgoing president looks to consolidate his legacy.

Secretary of State Antony Blinken will meet South Korean foreign minister Cho Tae-yul on Monday, the first high-level diplomatic talks since President Yoon Suk Yeol’s impeachment. (Last week’s Lunch with the FT is an illuminating guide to Blinken’s foreign policy thinking.) Over the coming days, South Korea’s main opposition, the Democratic party, plans to summon Yoon to a parliamentary hearing and appoint special counsels to investigate his failed bid to impose martial law.

Advertisement

On Friday, Trump is set to appear for sentencing in the New York “hush money” criminal case. Justice Juan Merchan, who has presided over the trial, signalled in last week’s order that the president-elect could attend the hearing virtually and would not face jail time over the conviction.

That same day, the US Supreme Court will hear arguments on a law that would outlaw TikTok in the country if it is not sold to an American company. The ban is set to come into effect on January 19, a day before Trump’s inauguration. However, the president-elect has urged the court to delay the ban, saying he would prefer “to pursue a political resolution” instead.

Venezuela’s President Nicolás Maduro is set to be sworn in for a third term following his disputed election victory in July. Since the vote, Maduro has clamped down on his political opponents. Dozens of human rights campaigners and journalists have had their passports cancelled and opposition leader Edmundo González has sought political asylum in Spain. Expect a tightly choreographed show of power as his government remains on high alert.

There are a raft of trading updates from UK retailers this week, including Tesco, Sainsbury’s and Marks and Spencer. Anticipate analysis on what the reports reveal about consumer strength this Christmas season. Moreover, analysts will study the reports for clues on which supermarkets will be able to withstand the headwinds from the Labour party’s Budget in 2025, as increased employers’ national insurance contributions squeeze grocers’ margins.

One more thing . . . 

It’s a big week for film and TV. Movie buffs can binge-watch the Critics Choice Awards, the National Board of Review gala, the AARP awards and the Golden Globes over the coming days. I won’t be joining them. I haven’t watched much of anything this year. And shamefully, I missed all 10 of our film critic’s best films of 2024.

Advertisement

What must-see film of the last 12 months did I miss? Let me know at harvey.nriapia@ft.com.

Key economic and company reports

Here is a more complete list of what to expect in terms of company reports and economic data this week.

Monday

Tuesday

Wednesday

Thursday

  • Greggs Q4 trading update, B&M Q3 trading statement, Marks and Spencer Christmas trading update, Tesco Q3 and Christmas trading statement

  • Peru interest rate

  • Bank of Mexico monetary policy minutes

Friday

World events

Finally, here is a rundown of other events and milestones this week.

Monday

  • US Congress meets to certify Trump’s election

  • Antony Blinken to meet South Korean Foreign Minister Cho Tae-yul

  • Golden Globe Awards

  • Malaysia’s court of appeal to hear jailed former prime minister Najib Razak’s bid for house arrest

  • Epiphany

Tuesday

Friday

  • US Supreme Court to hear arguments on a law that would ban TikTok if it is not sold to an American company

  • Venezuela’s Nicolás Maduro to be sworn in for a third term following his disputed election victory

  • President Joe Biden to meet Pope Francis and Italian Prime Minister Giorgia Meloni in Rome

  • Donald Trump to be sentenced in ‘hush money’ trial

Saturday

Sunday

Recommended newsletters for you

Inside Politics — What you need to know in UK politics. Sign up here

US Election countdown — Money and politics in the race for the White House. Sign up here

Advertisement
Continue Reading

Trending