Chelsea now owned by UK Government

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European football champions Chelsea are now owned by the UK government after its Russian owner, Romain Abravovich, had all of his assets froze by the UK government

Abramovich had announced he was selling the Premier League club last week.

That process is now on hold, leaving the $4.7 billion operating under a special government licence.

Chelsea were ranked by Forbes as the seventh most valuable in world soccer at $4.7 billion

The Russian bought the club in 2003 for a reported $204 million and his investment resulted in the most successful era in their history as they won five Premier League titles, five FA Cups and the Champions League twice.

His purchase of the club helped transform the landscape of English football with Chelsea breaking the stranglehold of Manchester United, Arsenal and Liverpool.

The club will not be able to enter into transfer deals for new players or receive money for selling existing players — effectively a transfer ban.

Now there is a huge question mark over the club’s future.

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