Chelsea financially perilous after Abramovich is sanctioned

Chelsea financially perilous after Abramovich is sanctioned
A security officer patrols at Stamford Bridge, the stadium for Chelsea Football Club, after Russian businessman Roman Abramovich said he would sell Chelsea, 19 years after buying it, in London. (Reuters)
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Updated 11 March 2022

Chelsea financially perilous after Abramovich is sanctioned

Chelsea financially perilous after Abramovich is sanctioned
  • Now there are fears the Premier League club could run out of money after the British government sanctioned the Russian oligarch and froze his assets
  • Chelsea is only allowed to continue operating and playing games under conditions set out by the government through a special license

LONDON: Lavish spending, sustained only by Roman Abramovich’s investment, funded Chelsea’s 21 trophies during his 19 years as owner.
Now there are fears the Premier League club could run out of money after the British government sanctioned the Russian oligarch and froze his assets.
A team that won the Champions League last year and was crowned world champions by FIFA a month ago has now had some banking facilities frozen with officials unable to use corporate credit cards while Barclaycard assesses what is permitted under government rules.
Chelsea is only allowed to continue operating and playing games under conditions set out by the government through a special license, with caps on spending and a prohibition on selling tickets that will impair the cash flow for a club with a last published wage bill of almost 28 million pounds ($36 million) a month.
Chelsea officials spent Friday in talks with the government to discuss how the club can continue to pay staff, operate Stamford Bridge on matchdays and ensure the club can be sold.
Abramovich had already announced plans to sell his trophy asset last week before he was sanctioned on Thursday over links to Russian President Vladimir Putin following the invasion of Ukraine.
The Raine Group, an investment bank, is working on the sale process on behalf of Abramovich, who remains owner of Chelsea. He originally hoped to divert the proceeds into a new foundation for the victims of the war in Ukraine, which he is yet to condemn Putin for launching. But the government will only sanction a sale that does not see Abramovich benefit as the government tightens the screw on influential it views as enabling Putin’s regime.
There are potential buyers waiting in the wings, including British property investor Nick Candy and Todd Boehly, a part owner of the MLB’s Los Angeles Dodgers.
“I would describe Chelsea as a distressed asset,” said Rob Wilson, a football finance expert from Sheffield Hallam University, “and the association that they’ve got with the owner is what’s distressing them.”
The only bright spots for Chelsea on its second day as a sanctioned entity were that no more sponsors suspended deals after the jersey backer, communications firm Three, asked for its logo to be removed. Jersey maker Nike was yet to halt its sponsorship. Another sponsor, hotel search website Trivago, said it would remain sponsor of the training kits.
“We are looking forward to a transition of ownership as soon as possible and want to support the club in this process,” Trivago said. “We will provide any update to our business relationship if and when appropriate.”
The statement condemned the “unprovoked and catastrophic invasion of Ukraine” without naming Russia. Hotels on its website could still be booked in Russia on Friday night.
Booking travel is a looming challenge for Chelsea. The trip to France to play Lille in the Champions League next week has already been bought. But the spending on travel to future games has been capped at 20,000 pounds by the government.
Chelsea can also only spend 500,000 pounds on matchdays — starting Sunday at home to Newcastle in the Premier League that the club has won five times under Abramovich. The league title had been won only once in the 98 years before Abramovich bought the club in 2003.
Only five times during his ownership has Chelsea made a profit, according to the respected Swiss Ramble account on Twitter that analyzes club accounts. There have been cumulative losses of around 900 million pounds in almost two decades of Abramovich’s ownership, while annual revenue has grown from 110 million pounds in 2003 to 435 million pounds in the last financial year.
Chelsea has been reliant on the 1.5 billion pounds of loans that Abramovich has pumped into the club which he has said he will not ask to be repaid.
The club can no longer even sell merchandise with the club shop closing within hours of the sanctioning announcement on Thursday. There is also a prohibition from the government on selling new tickets to generate revenue. Only season ticket holders can go to Premier League matches. There is the prospect of the stadium being empty for next week’s FA Cup quarterfinal against Middlesbrough and a potential Champions League last eight match as tickets for those games would not be included for fans who bought season passes.
The impact could be felt hardest by temporary staff no longer being required to work at matches.
“We would like the club to have the ability to trade as close to maximum capacity as possible,” said Dan Silver of the Chelsea Supporters’ Trust. “All these people rely on that (money) to put food on the plate. It’s harsh on them, and the punishment falling all the way downhill is harsh.
“We don’t want to have any jobs lost as a result of this, because the bigger picture is to keep everybody in the club protected and looked after.”
The priority will be avoiding having to go into administration — bankruptcy protection. History, though, could be repeating itself. Chelsea was sold for 1 pound in 1982 to Ken Bates due to financial trouble and then Abramovich stepped in with his 2003 takeover when there were further cash problems.


Alaba free-kick gives Real Madrid win to start title defense

Alaba free-kick gives Real Madrid win to start title defense
Updated 32 min 44 sec ago

Alaba free-kick gives Real Madrid win to start title defense

Alaba free-kick gives Real Madrid win to start title defense
  • The winner arrived with 15 minutes remaining at Almeria’s Power Horse Stadium, as Alaba strode onto the pitch and curled a free-kick in off the upright after Luka Modric had been fouled just outside the box

MADRID: David Alaba scored with a stunning free-kick immediately after coming on as a substitute as reigning champions Real Madrid came from behind to beat Almeria 2-1 in their opening game of the season in La Liga on Sunday.
Carlo Ancelotti’s side trailed to an early goal by Largie Ramazani away against their promoted opponents, but Lucas Vazquez equalized just after the hour mark.
The winner arrived with 15 minutes remaining at Almeria’s Power Horse Stadium, as Alaba strode onto the pitch and curled a free-kick in off the upright after Luka Modric had been fouled just outside the box.
Real were made to work hard for the points against an Almeria side who won last season’s second-tier title to return to La Liga after a seven-year absence.
“We had lots of shots on goal but once we got the first goal it made things much easier for us,” said Ancelotti.
“I am happy with the way the game went. We were not spectacular but there were lots of things to take into account, like the game on Wednesday and the heat.”
At one point it looked like Madrid might suffer a defeat in their opening league game of the season for the first time since 2008, with Ancelotti’s decision to rotate his squad not initially paying off.
The Italian had made five changes to the line-up that started in Wednesday’s 2-0 win over Eintracht Frankfurt in the UEFA Super Cup in Helsinki, when goals by Alaba and Karim Benzema gave the defending European champions the first silverware of the campaign.
Alaba and Modric were among the players dropped to the bench, while close-season signings Antonio Rudiger and Aurelien Tchouameni were handed first competitive starts for their new club.
Yet the game was just six minutes old when former Chelsea defender Rudiger was caught out by a ball over the top and Ramazani ran through to beat Thibaut Courtois.
Ramazani, the 21-year-old Belgian winger who used to be on the books at Manchester United, ran off to celebrate in acrobatic fashion as Saudi-owned Almeria enjoyed a dream start to their top-flight comeback.
Yet the hosts needed some inspired goalkeeping from Fernando Martinez to keep them ahead into half-time, with the standout save coming low to his left to deny Rudiger five minutes before the break.
Vazquez then had the ball in the net in the 43rd minute only to be denied by a very tight offside call, but the full-back was the man who dragged the away side back level in the 61st minute as he pounced on a loose ball in the area to score.
Almeria, who had already seen a hanging Vinicius cross strike the frame of their goal on its way behind before that, soon conceded again.
When Modric was fouled just outside the box by Rodrigo Ely, Austrian defender Alaba was waiting on the sideline for the chance to come on.
The break in play allowed him to replace Ferland Mendy, and he came straight on to take the free-kick and score in stunning fashion to complete the latest comeback from Ancelotti’s team.
Earlier, Japan star Takefusa Kubo marked his Real Sociedad debut by scoring the only goal in a 1-0 win at Cadiz.
Kubo, 21, moved to San Sebastian last month on a five-year deal from Real Madrid, after never managing to break into the first team at the Santiago Bernabeu.
Signed by Madrid from FC Tokyo as an 18-year-old in 2019, he was farmed out on loan to Mallorca, Villarreal and then Getafe, before returning to Mallorca last season.
Carlos Soler’s penalty gave Valencia a 1-0 win over promoted Girona in their first La Liga outing under new coach Gennaro Gattuso.
Valencia held on after having Swiss defender Eray Comert send off early in the second half.
Barcelona were held to a 0-0 draw by Rayo Vallecano in their opening game at the Camp Nou on Saturday.
Atletico Madrid begin their campaign away at Getafe in one of three matches to be played on Monday.


Halep holds off Haddad Maia to win third WTA Canadian crown

Halep holds off Haddad Maia to win third WTA Canadian crown
Updated 49 min 5 sec ago

Halep holds off Haddad Maia to win third WTA Canadian crown

Halep holds off Haddad Maia to win third WTA Canadian crown
  • The former world number one from Romania added the trophy in Toronto to those she captured in Montreal in 2016 and 2018

TORONTO, Canada: Simona Halep kept control against unpredictable Beatriz Haddad Maia on Sunday, beating the Brazilian 6-3, 2-6, 6-3 to win a third WTA Masters 1000 title in Canada.
The former world number one from Romania added the trophy in Toronto to those she captured in Montreal in 2016 and 2018.
She needed two and a quarter hours to deny the South American lefthander the upset victory.
“Here there are many Romanians and they always come to support me. I’m really happy that I could win also here,” said Halep, who was backed by chants of “Si-mo-na!” from her vocal fans throughout the match.
She shrugged of nine double-faults and broke Haddad Maia five times from 10 chances as she became the third player with at least nine WTA 1000 titles, after Serena Williams (13) and Victoria Azarenka (10).
Halep, who was playing in her ninth final at the elite level as Haddad Maia tackled her first, won her 38th match of the season and claimed her biggest success since the Rome trophy in May, 2020.
After a year outside of the world’s top-10 she is projected to rise to sixth this week with the start of the US Open approaching on August 29.
“I was there for many years but now I feel like it’s a big deal to be back in top 10,” she said. “I’m really happy with this performance.
“When I started the year I was not very confident and I set the goal to be top-10 at the end of the year — and here I am.
“It’s a very special moment. I will enjoy it. I will give myself credit. I’m just dreaming for more.”
Haddad Maia, enjoying a breakout season that included grasscourt titles at Birmingham and Nottingham in June, had toppled world number one Iga Swiatek on her way to the final.
She struck first with a break on the way to a quick 3-0 lead. But Halep, a two-time Grand Slam champion, quickly responded, winning the opening set as she spun off six straight games to claim the opener 6-3, in 50 minutes.
Haddad Maia answered in the opening game of the second set with a break, consolidating through a double break for 4-0 before Halep stopped the rot to hold for 1-4.
The Brazilian delivered a huge serve on set point three games later to square the contest at a set each.
But Halep came out ahead after they traded three breaks of serve in the final set, wrapping it up on her second match point as Haddad Maia fired a service return into the net.
Haddad Maia said she was at times overwhelmed by the occasion.
“It was an emotional beginning, even when I was 3-Love up I couldn’t hold the emotions. I couldn’t control myself,” she said.
“Simona started to play better, to improve. I was trying to be more aggressive.
“Today Simona deserved it, she played better than me,” added Haddad Maia, the first Brazilian to reach the final of a WTA 1000 event. “She was more brave.
“Sometimes we learn — today, it’s a day to learn.”


Chelsea 2 Tottenham 2: ‘Fair tackle’ as Tuchel insists no hard feelings after Conte clash

Chelsea 2 Tottenham 2: ‘Fair tackle’ as Tuchel insists no hard feelings after Conte clash
Updated 14 August 2022

Chelsea 2 Tottenham 2: ‘Fair tackle’ as Tuchel insists no hard feelings after Conte clash

Chelsea 2 Tottenham 2: ‘Fair tackle’ as Tuchel insists no hard feelings after Conte clash
  • Conte’s overexuberant celebrations of Spurs’ first equalizer resulted in the two coaches being booked for squaring up
  • Tuchel was not happy at the Italian for not making eye contact during a handshake at full-time

LONDON: Chelsea manager Thomas Tuchel said he was happy to take a “fair tackle” from Tottenham boss Antonio Conte after both were shown red cards for clashing twice during a heated 2-2 on Sunday.
Conte’s overexuberant celebrations of Spurs’ first equalizer resulted in the two coaches being booked for squaring up.
Tuchel then responded by running down the touchline in celebration when Chelsea retook the lead through Reece James 13 minutes from time.
But Harry Kane’s 96th minute equalizer meant Conte had the last laugh.
Tuchel was not happy at the Italian for not making eye contact during a handshake at full-time, which sparked another melee between both sets of coaches and players.
“It was hot from the temperature and hot between the benches and hot on the field and hot between the spectators,” said Tuchel with temperatures soaring above 30 degrees Celsius in the English capital.
“There’s no hard feelings. I feel like it was a fair tackle from him and a fair tackle from me.
“We did not insult each other, we did not hit each other, we were fighting for our teams and from my side there’s absolutely no hard feelings. I’m surprised that we both got a red card for that.”
Tuchel’s ire was instead directed toward the officials as both Tottenham’s goals could have been disallowed.
Pierre-Emile Hojbjerg’s strike was allowed to stand despite a potential foul on Kai Havertz in the build-up and Richarlison standing in an offside position when the Dane’s shot was hit.
Before the corner leading to Kane’s equalizer, Spurs defender Sergio Romero also escaped a red card for dragging Marc Cucurella to the ground by his hair.
“It was a clear foul on Kai Havertz. Ok, the situation goes on and on and on, then it is a clear offside,” added Tuchel.
“Since when can you pull hair on the football field? It’s ridiculous.
“That’s the only frustration. I’m the happiest coach on earth because we played a fantastic match.”
Conte batted away several questions about his tete-a-tete with Tuchel, but admitted a gap between the sides remains despite Spurs’ improvement.
Chelsea won all four meetings between the sides last season, three of them after Conte took charge in November.
“In my opinion it is better to talk about the game,” said Conte. “Chelsea showed to be a really good team, but compared to last season we did a bit better.
“The difference is clear. This team won the Champions League two years ago, last year won the Club World Cup, got to the final of the FA Cup and Carabao (League) Cup.
“There is a difference between Chelsea and Tottenham but we are here to reduce this gap. Last season we lost three times, this time we drew so it’s a little step forward.”


Anthony Joshua praises Saudi passion for boxing ahead of biggest fight of his career

Joshua and Usyk will clash for the second time when they face off at the 'Rage on the Red Sea' in Jeddah. (Supplied)
Joshua and Usyk will clash for the second time when they face off at the 'Rage on the Red Sea' in Jeddah. (Supplied)
Updated 14 August 2022

Anthony Joshua praises Saudi passion for boxing ahead of biggest fight of his career

Joshua and Usyk will clash for the second time when they face off at the 'Rage on the Red Sea' in Jeddah. (Supplied)
  • British fighter takes on Ukrainian Oleksandr Usyk at “Rage on the Red Sea” showdown on Aug. 20

JEDDAH: With under a week to go to the biggest fight of the year, billed the “Rage on the Red Sea,” Anthony Joshua reflected on his first visit to Saudi Arabia in 2019 and how he is ready to “put on a show” for his second fight in the Kingdom: The rematch against Oleksandr Usyk.

At face value, Joshua’s ambitions are simple.

“Last time here I became two-time champion,” he says, just days out from his rematch. “The sole aim now is to become three-time!”

Scratch the surface a little, though, and there is a far greater depth to the goals of both the fighter and host nation.

The last time Joshua fought here he did so under similar circumstances. He went into 2019’s “Clash of the Dunes” in Diriyah bidding to reclaim the belts he had lost to his opponent just months earlier, and does so again in Jeddah after dropping those same titles to Usyk last year.

Anthony Joshua regained his world heavyweight titles in 2019’s “Clash of the Dunes” in Diriyah.

Joshua went on to outclass Andy Ruiz Jr. from start to finish in Diriyah, and the Briton, understandably, recalls the night with real fondness.

“I have great memories from 2019,” he said. “Everything about the event was spot on. From the purpose-built stadium, the organization and the hospitality, it was all 10 out of 10. It was a phenomenal event for boxing in general and, of course, very special for me as I became two-time champion.”

A seed was planted on Dec. 7, 2019, and boxing in the Kingdom has grown at a rapid pace ever since. There has been a 300 percent increase in participation across men and women in Saudi Arabia, the number of boxing gyms in the country has climbed from seven to 59, and last December saw the Saudi Arabian Boxing Federation introduce the first ever women’s boxing championship.

“Clash of the Dunes” left a legacy for boxing to build upon in Saudi Arabia, something the Joshua is immensely proud of and hopes to further once again when he takes on Usyk at King Abdullah Sports City on Saturday, Aug. 20.

“It’s fantastic that the country has taken the sport to heart,” said Joshua. “I know it has grown by over 300 percent, lots of facilities have opened since 2019 and the women’s championship happened last year. As professional fighters competing on a global scale it is fantastic to see the sport grow and inspire a new generation to it.”

Joshua departed Saudi Arabia a hero in 2019, having brought the pinnacle of the sport to the country for the very first time. The welcome he was given, as well as the support throughout his time there, left a mark on him.

“I have been shown such kindness since I have been here,” he explained. “It is obvious to me that the country has really embraced the sport and that certainly fills me with energy to want to perform in front of the fans.”

The 32-year-old will need all the energy he can muster from the Jeddah crowd as he runs it back against a man widely regarded as one of the best pound-for-pound fighters on the planet.

Usyk extended his career unbeaten run to 19 fights by securing a unanimous points victory over Joshua, and the 35-year-old Ukrainian is a technical master in the ring. But, while Joshua insists Usyk deserves the respect his achievements command, he is ready to make the most of a rare opportunity at redemption.

He said: “Things happen in life, but resilience and mental toughness and consistency will always prevail, so we are still on the right road. I am focused on the target and goal and it’s all about performance now. I had to take the defeat like a man and hold myself accountable. I simply have to reverse it and move forward.

“We have to give him credit, I respect him for his craft. I am motivated to get better. The great thing is I have a second chance to beat him. You can put me down, but you can’t keep me down.

“My team and I are focused on the goal, taking all the learnings from the last fight and on Aug. 20 I will entertain the fans who come out to see a huge night of heavyweight boxing.”

The battle that tops the billing at “Rage on the Red Sea” is the obvious big-ticket draw for fight fans both watching in the stadium and at home on pay-per-view, but the remainder of the card will make history, too, and is littered with talented, high-stakes bouts from start to finish.

The impact of this event on the ongoing transformation of Saudi Arabia through sport will continue the momentum from the incredible response to “Clash of the Dunes.”

There is Saudi fighter Ziyad Al-Maayouf to inspire local fight fans, while Ramla Ali and Crystal Garcia Nova will be the first female boxers to ever feature in an official international fight in Saudi Arabia. Then there are light-heavyweight and heavyweight final eliminators between Callum Smith and Mathieu Bauderlique, and Filip Hrgovic versus the undefeated Zhilei Zhang, respectively.

Added to that are names such as former two-weight world champion Badou Jack and his opponent Richard Rivera, as well as Daniel Lapin, Jozef Jurko, Andrew Tabiti and Tyrone Spong.

For Joshua, this means only one thing: This event is not to be missed.

“All focus is on fight night, and we are certain to put on a serious show for them,” he said.

“I can’t wait to see everyone at the arena. It is set to be an unbelievable night of championship-level boxing. For any sports fan this is not to be missed, it has all the ingredients to go down in boxing history.”

 


Young Saudi pool player wins against American professional star

Young Saudi pool player wins against American professional star
Updated 14 August 2022

Young Saudi pool player wins against American professional star

Young Saudi pool player wins against American professional star
  • Commentator: The big story here, all the way from Saudi Arabia, Al-Ghamdi beats Skyler, what a story at the inaugural European Open
  • Al-Ghamdi claimed a gold medal in the nine-ball competition for juniors at the West Asian Billiards and Snooker Championships in Dubai

JEDDAH: Khaled Al-Ghamdi, a Saudi junior billiards team player, scored an important victory on Aug. 10, beating American professional pool player Skyler Woodward in the European Open Championship that concluded on Sunday in Germany.

The European Open Pool Championship 2022 was a nine-ball pool tournament held from Aug. 9-14.

Matchroom Pool, the world’s leading pool promoter, tweeted a video of the match with the message: “Saudi Arabia, you’ve got a special player on your hands! 17-year-old Khalid Alghamdi comes back from 6-2 down against two-time Mosconi Cup MVP Skyler Woodward to win 9-7.”

The commentator in the footage said: “Remember, he started to play pool on a computer, and his father Omar said ‘why not try the real thing?’”

Al-Ghamdi took to the game “like a duck to the water”, and after scoring the nine balls smoothly, the commentator said: “The big story here, all the way from Saudi Arabia, Al-Ghamdi beats Skyler, what a story at the inaugural European Open.”

Al-Ghamdi’s legendary win was made all the more exciting given he had trailed 6-2 at one stage.

His achievement has opened the door to the prospect of playing against other international stars in future.

Fahad Nazer, spokesperson for the Embassy of Saudi Arabia in Washington, DC tweeted the video of Al-Ghamdi’s brilliant performance and said: “#Saudi Vision 2030 has established a sports sector in the Kingdom in record time, generating thousands of jobs & improving the quality of life for everyone living in the Kingdom in the process.

“It has also led to the development of world-class athletes in several sports.”

The tweet went viral as Arab billiards fans were left stunned by, and proud of, Al-Ghamdi’s professional performance.

Khalid Abalhassan @twiffessor said: “A big win Khalid. Keep going.”

@Muteb_albalawi said: “Sensational performance congrats Khalid.”

Al-Ghamdi started playing when he was just 10 years old, and despite his young age, he trained hard.

When he was 14, he was the first and youngest Arab — and Saudi — to win first place at the 2019 USA Pool League National in the 8-ball Singles Junior Division, in Las Vegas.

In November 2021, Al-Ghamdi claimed a gold medal in the nine-ball competition for juniors at the West Asian Billiards and Snooker Championships in Dubai.