March 13 – Chelsea sleeve sponsor Hyundai have joined Three in suspending their sponsorship of the club with immediate effect.
The South Korean carmaker signed a four-year deal with Chelsea to become a sleeve sponsor in 2018. The deal was estimated to worth £50 million in total.
A Hyundai statement said: “Hyundai has become one of the strongest partners in football over the years and the company supports the sport to be a force for good.
“Through our partnership with Chelsea FC, we are proud supporters of the players, the fans and grassroots football. However, in the current circumstances, we have taken the decision to suspend our marketing and communication activities with the Club until further notice.”
It is another blow to the club which will need all the money it can get without owner Roman Abramovich around to pick up any shortfall in cashflow. Chelsea reported a massive loss for the covid-impacted 2020-21 season. Pre-tax losses hit £155.9 million, compared with a £35.7 million profit the previous year.
Abramovich’s Chelsea involvement is unravelling rapidly.
Having had his assets frozen by the UK government, the Premier League has now disqualified him as a director of the club, removing him from the board.
Removal of an owner from the board would usually mandate a sale of the club but Abramovich had already put the club on sale on March 2. That sale was stalled though the government may allow it to take place as long as none of the proceeds go to Abramovich.
Meanwhile the club can continue to play under a special license granted by the government after the oligarch was sanctioned by the UK government. A point emphasised by the Premier League which said Abramovich’s disqualification would “not impact on the club’s ability to train and play”.
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