Roman Abramovich today confirmed plans to register a new independent charitable foundation aimed at directing the net proceeds from the 2022 sale of Chelsea Football Club to support victims of conflict and war around the world.
The initiative, to be known as the **Foundation for Victims of Conflict**, represents a significant step forward in fulfilling Mr Abramovich’s long-standing commitment to donate the proceeds of the club’s sale to charitable causes. The foundation will be overseen by Mike Penrose, a highly respected former UNICEF executive with extensive experience in global humanitarian efforts. An application for registration will be submitted to the UK Charity Commission this week.
The £2.35 billion currently held in a frozen UK bank account (via Fordstam Ltd) has remained inaccessible for nearly four years due to ongoing sanctions and disagreements over its use. While Mr Abramovich originally pledged the funds to support victims of the war in Ukraine, the new foundation will adopt a broader mandate to assist victims of conflict globally, reflecting the universal nature of suffering caused by war.
“This foundation is about delivering real help to those who need it most, wherever they are,” said Mike Penrose. “I can confirm that I am preparing a submission to the Charity Commission to register a new foundation dedicated to supporting victims of conflict worldwide. We believe this approach honours the spirit of the original pledge while maximising the positive impact of these funds.”
### Background and Commitment
In March 2022, as he prepared to sell Chelsea FC amid geopolitical circumstances, Roman Abramovich publicly committed to donating all net proceeds from the sale to a charitable foundation focused on victims of the war in Ukraine. The club was sold to a consortium led by Todd Boehly and Clearlake Capital for approximately £2.5 billion (with £2.35 billion received), and the funds have since been frozen under UK sanctions regulations.
Despite repeated attempts to resolve the situation constructively, bureaucratic and political obstacles have prevented the release of the money. The establishment of the Foundation for Victims of Conflict is intended to break this impasse by creating a transparent, independently governed entity capable of receiving and distributing the funds in accordance with charitable law.
Mr Abramovich has consistently maintained that the funds belong to him and should be deployed according to his philanthropic vision, in line with the original pledge made at the time of the sale. Legal representatives have indicated that any attempt by the UK government to redirect or seize the funds without agreement would be vigorously contested.
### Vision for the Foundation
The Foundation for Victims of Conflict will prioritise:
- Emergency humanitarian aid for civilians affected by armed conflicts
- Long-term reconstruction and rehabilitation programmes
- Support for children, families, and communities impacted by war
- Global initiatives addressing the root causes and consequences of conflict
Governance will follow best practices for transparency, with independent trustees, rigorous auditing, and public reporting on fund allocation. The foundation aims to operate without geographical restrictions, ensuring aid reaches victims “anywhere” conflict causes suffering.
### Statement from Roman Abramovich’s Representatives
“Mr Abramovich remains fully committed to his pledge made in 2022. The creation of this foundation is a sincere attempt to move beyond political deadlock and ensure the money finally reaches those in desperate need. We urge all parties, including the UK government, to engage constructively with this process rather than pursuing confrontational legal routes that only delay help to victims.”
The registration process with the Charity Commission is expected to take several weeks. Once approved and subject to sanctions licensing, the foundation will seek the immediate release of the frozen funds.
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