Charlotte Mclaughlin and Martin Robinson Chief Reporter and Sami Mokbel and Matt Hughes and Mike Keegan For Mailonline
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.
The news broke 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.
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.
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 clubNext Slide
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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
What Chelsea now can and can't do following sanctions on Abramovich
CAN
CAN'T
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.'
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.'
© Provided by Daily Mail Chelsea are in turmoil and may struggle to finish the season after owner Roman Abramovich was sanctioned by the UK
© Provided by Daily Mail British property tycoon Nick Candy (left with his wife Holly Valance) though remains interested, while several bidders are preparing bids in excess of £2billion
EXCLUSIVE: Chelsea fan and British tycoon Nick Candy confirms he is still interested in making a bid to takeover the Blues with the sanctioning of owner Roman Abramovich expected to quicken the sale process of the club
British billionaire Nick Candy has confirmed he is still pursuing a bid for Chelsea, with the sanctioning of owner Roman Abramovich expected to quicken the sale process once the confusion created by the extraordinary events has been clarified.
The 49-year-old property developer is a Chelsea fan, who is planning to attend Sunday's Premier League home match against Newcastle and has pledged to put supporters at the centre of his plans for the club that will be jointly-funded with American investors.
'We are examining the details of the announcement and we are still interested in making a bid,' a spokesperson for Candy told Sportsmail. 'Clearly this is a time of great uncertainty for all Chelsea fans.'
Candy is in talks with several potential investors over a joint venture, with the fact that the sale now has to be officially approved by the government doing little to dampen interest.
The Russian-born oligarch owner was told he can no longer press ahead with getting rid of the club for £3billion after 20 years in charge after he had £3.2billion of UK assets frozen.
Money from the club's sale could go instead to benefit Ukrainians and Russians, ministers think, through the Disasters Emergency Committee but not the charity the 55-year-old wanted to set up.
The Raine Group's progression of the sale means Chelsea's suitors can again push forward with their bids to take control of the European and world champions of the club game.
Mr Abramovich was understood to have been ready to work with Government oversight on the sale and, now the Raine Group has completed suitable checks, the interested parties can press on.
LA Dodgers part-owner Todd Boehly remains well-placed for a purchase, with Chicago Cubs owner Tom Ricketts also understood to be in the running.
British property tycoon Nick Candy has also confirmed his strong interest in buying the Blues and is in the process of building a consortium.
Chelsea saw several credit cards temporarily frozen on Friday amid a frenzied day of negotiations with the Government over the terms of their new operating licence.
The Premier League club also cannot sell any new tickets, leaving fans who have not got season tickets or pre-purchased tickets unable to attend future matches.
The Blues also cannot sell any merchandise, including new match programmes, meaning vendors will not be able to work their shifts in Sunday's Premier League clash against Newcastle at Stamford Bridge.
Mr Abramovich also moved his £430m superyacht to Montenegro after hurriedly leaving Barcelona on Tuesday – two days before he was sanctioned by the UK government.
Its believed he docked it in the eastern European country, which is not yet part of the European Union, over fears that the EU bloc would sanction him.
The luxury 460ft vessel, called the Solaris, which boasts its own helipad and missile detection system, arrived just before 8am UK-time in the port of Tivat.
Mr Abramovich is worth £10.4bn ($12.5bn), according to Forbes, and owns a £150m Kensington mansion, a £22m penthouse, and more than £1.2bn of yachts, private jets, helicopters and supercars based in Britain and around the world had wanted to sell his assets.
However, the oligarch no longer will be able sell any of them in Britain.
EXCLUSIVE: Chelsea fan and British tycoon Nick Candy confirms he is still interested in making a bid to takeover the Blues with the sanctioning of owner Roman Abramovich expected to quicken the sale process of the club
British billionaire Nick Candy has confirmed he is still pursuing a bid for Chelsea, with the sanctioning of owner Roman Abramovich expected to quicken the sale process once the confusion created by the extraordinary events has been clarified.
The 49-year-old property developer is a Chelsea fan, who is planning to attend Sunday's Premier League home match against Newcastle and has pledged to put supporters at the centre of his plans for the club that will be jointly-funded with American investors.
'We are examining the details of the announcement and we are still interested in making a bid,' a spokesperson for Candy told Sportsmail. 'Clearly this is a time of great uncertainty for all Chelsea fans.'
Candy is in talks with several potential investors over a joint venture, with the fact that the sale now has to be officially approved by the government doing little to dampen interest.
The Russian-born oligarch owner was told he can no longer press ahead with getting rid of the club for £3billion after 20 years in charge after he had £3.2billion of UK assets frozen.
Money from the club's sale could go instead to benefit Ukrainians and Russians, ministers think, through the Disasters Emergency Committee but not the charity the 55-year-old wanted to set up.
The Raine Group's progression of the sale means Chelsea's suitors can again push forward with their bids to take control of the European and world champions of the club game.
Mr Abramovich was understood to have been ready to work with Government oversight on the sale and, now the Raine Group has completed suitable checks, the interested parties can press on.
LA Dodgers part-owner Todd Boehly remains well-placed for a purchase, with Chicago Cubs owner Tom Ricketts also understood to be in the running.
British property tycoon Nick Candy has also confirmed his strong interest in buying the Blues and is in the process of building a consortium.
Chelsea saw several credit cards temporarily frozen on Friday amid a frenzied day of negotiations with the Government over the terms of their new operating licence.
The Premier League club also cannot sell any new tickets, leaving fans who have not got season tickets or pre-purchased tickets unable to attend future matches.
The Blues also cannot sell any merchandise, including new match programmes, meaning vendors will not be able to work their shifts in Sunday's Premier League clash against Newcastle at Stamford Bridge.
Mr Abramovich also moved his £430m superyacht to Montenegro after hurriedly leaving Barcelona on Tuesday – two days before he was sanctioned by the UK government.
Its believed he docked it in the eastern European country, which is not yet part of the European Union, over fears that the EU bloc would sanction him.
The luxury 460ft vessel, called the Solaris, which boasts its own helipad and missile detection system, arrived just before 8am UK-time in the port of Tivat.
Mr Abramovich is worth £10.4bn ($12.5bn), according to Forbes, and owns a £150m Kensington mansion, a £22m penthouse, and more than £1.2bn of yachts, private jets, helicopters and supercars based in Britain and around the world had wanted to sell his assets.
However, the oligarch no longer will be able sell any of them in Britain.
© Provided by Daily Mail Roman Abramovich's £430m superyacht Solaris (pictured) docked in Montenegro this morning
Abramovich's superyacht cruises in to Montenegro marina
Roman Abramovich's 140-metre-long (460-feet-long) Solaris cruised into the Porto Montenegro marina on the Balkan country's Adriatic coastline on Saturday
Roman Abramovich's 140-metre-long (460-feet-long) Solaris cruised into the Porto Montenegro marina on the Balkan country's Adriatic coastline on Saturday
(AFP/SAVO PRELEVIC)
Sat, March 12, 2022
A superyacht belonging to the Russian billionaire owner of Chelsea football club sanctioned over Russia's invasion of Ukraine anchored off Montenegro Saturday, an AFP photographer said.
Roman Abramovich's 140-metre-long (460-feet-long) Solaris cruised into the Porto Montenegro marina on the Balkan country's Adriatic coastline.
Local media who have been monitoring the ship's movements over recent days on maritime tracking websites said the boat left the Spanish Mediterranean port of Barcelona on March 8.
The United Kingdom on Thursday hit Abramovich with an assets freeze and travel ban as part of new sanctions against seven Russian oligarchs it described as part of Russian President Vladimir Putin's inner circle. The football club owner has denied any association.
Canada followed suit the next day, saying he and four other individuals would "be prevented from dealings in Canada and their assets will be frozen".
Sat, March 12, 2022
A superyacht belonging to the Russian billionaire owner of Chelsea football club sanctioned over Russia's invasion of Ukraine anchored off Montenegro Saturday, an AFP photographer said.
Roman Abramovich's 140-metre-long (460-feet-long) Solaris cruised into the Porto Montenegro marina on the Balkan country's Adriatic coastline.
Local media who have been monitoring the ship's movements over recent days on maritime tracking websites said the boat left the Spanish Mediterranean port of Barcelona on March 8.
The United Kingdom on Thursday hit Abramovich with an assets freeze and travel ban as part of new sanctions against seven Russian oligarchs it described as part of Russian President Vladimir Putin's inner circle. The football club owner has denied any association.
Canada followed suit the next day, saying he and four other individuals would "be prevented from dealings in Canada and their assets will be frozen".
HE OWNS A STEEL COMPANY OPERATING IN SASKATCHEWAN
The 55-year-old businessman, who has often been reported to be cruising off Montenegro and neighbouring Croatia, is rumoured to own half a dozen yachts.
The UK sanctions also targeted Russian tycoon Oleg Deripaska.
Montenegro media have reported that one of Deripaska's boats, Sputnik, was spotted leaving Porto Montenegro on Friday. The vessel is often seen accompanying his own superyacht, Clio.
Abramovich had already announced his intention to sell Chelsea before the UK sanctions, with a host of potential buyers declaring their interest in a club that have won 19 major trophies since he bought it in 2003.
The UK government is still open to a sale but would have to approve a new licence, on the condition no profit would go to the Russian.
str-rus/blb/ah/har
The 55-year-old businessman, who has often been reported to be cruising off Montenegro and neighbouring Croatia, is rumoured to own half a dozen yachts.
The UK sanctions also targeted Russian tycoon Oleg Deripaska.
Montenegro media have reported that one of Deripaska's boats, Sputnik, was spotted leaving Porto Montenegro on Friday. The vessel is often seen accompanying his own superyacht, Clio.
Abramovich had already announced his intention to sell Chelsea before the UK sanctions, with a host of potential buyers declaring their interest in a club that have won 19 major trophies since he bought it in 2003.
The UK government is still open to a sale but would have to approve a new licence, on the condition no profit would go to the Russian.
str-rus/blb/ah/har
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