ROMAN ABRAMOVICH THREATENED BY 'FRUSTRATED' RACHEL REEVES OVER £2.5BILLION CHELSEA FUNDS

Rachel Reeves says she is willing to pursue Roman Abramovich through the courts (Image: Clive Mason/Getty Images)

Former Chelsea owner Roman Abramovich is being threatened with legal action by the UK Labour Government over his failure to release £2.5 billion of funds from the sale of the UEFA Conference League champions to help victims of the war in Ukraine.

Chancellor Rachel Reeves, along with Foreign Secretary David Lammy, is said to be 'frustrated' by the inability to reach an agreement with Mr Abramovich on the frozen proceeds of the sale. The Stamford Bridge club was sold in May 2022 after Mr Abramovich was among the high-profile Russian oligarchs sanctioned following Vladimir Putin’s invasion of Ukraine.

The funds were frozen, with a plan for them to be used to alleviate the suffering caused by the war in Ukraine. But an agreement has yet to be reached with Mr Abramovich over the use of the money, which is held in a UK bank account.

The funds were frozen, with a plan for them to be used to alleviate the suffering caused by the war in Ukraine. But an agreement has yet to be reached with Mr Abramovich over the use of the money, which is held in a UK bank account.

The money cannot be moved without a licence from the Office of Financial Sanctions Implementation. Ms Reeves and Mr Lammy said: “The Government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia’s illegal full-scale invasion.

“We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far. While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible.”

- Chris Ballinger

MANCHESTER UNITED NEW STADIUM: SEATING CAPACITY, DESIGN DETAILS, COSTS EXPLAINED

Old Trafford, which has been Manchester United’s home since 1910, has not had any major renovation since 2006, leading to leaking roof and rodent sightings, which had attracted severe criticism from fans

Manchester United, today, announced that it plans to build a new, state-of-the-art stadium, which will be the biggest in Britain, rather than refurbish Old Trafford.

"Today marks the start of an incredibly exciting journey to the delivery of what will be the world's greatest football stadium, at the centre of a regenerated Old Trafford," Manchester United co-owner and British billionaire Jim Ratcliffe said in a statement.

There has been much debate within the club, and among the fans, on whether to redevelop the existing stadium or to build a new one. Old Trafford has been the club's home since 1910. Ratcliffe, who became a minority owner of the club in February last year, had expressed his wish for a new stadium that he termed "Wembley of the north".

Seating capacity, cost and venue of Manchester United’s new stadium

The 74,140-seat Old Trafford stadium has not had any major renovation since 2006, leading to leaking roof and rodent sightings, which had attracted severe criticism from fans.

The new stadium, set to come up beside the Old Trafford, is expected to cost two billion pounds or $2.59 billion, and is expected to have a seating capacity of 100,000.

Who are building Manchester United’s new stadium? Design details revealed

As part of a regeneration project, Manchester United appointed Foster + Partners in September last year to develop a master plan for the area around Old Trafford.

The architectural designs for the new stadium unveiled by the club show an umbrella design."This has to be one of the most exciting projects in the world today," Norman Foster, Foster + Partners' executive chairman, said in a statement. “The stadium is contained by a vast umbrella, harvesting energy and rainwater, and sheltering a new public plaza that is twice the size of Trafalgar Square."

Benefits of Manchester United’s new stadium

British Finance Minister Rachel Reeves recently confirmed the government’s support for United’s plans for the new stadium. The club has claimed that the project will create over 90,000 new jobs and lead to the construction of 17,000 homes. It also said the new stadium will bring in an additional 7.3 billion pounds annually to the country’s economy.

- By The Week News Desk