Following sanction of Chelsea’s owner, Roman Abramovich, by the UK Government, car manufacturer Hyundai have become the latest sponsor to suspend its partnership with the club until further notice.
The South Korean company, Hyundai, has been Chelsea’s ‘official global automotive partner’ since 2018.
A statement released by Hyundai 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.”
The UK Government had sanctioned the Chelsea’s owner over his purported links to Russia President, Vladimir Putin.
The likes of shirt sponsors (Three) sprung into action as a result and suspended its £40million deal with the Blues, while they are understood to still be in discussions about the removal of the logo from strips long-term.
Brands worldwide have been desperate to distance themselves from Russia following Putin’s brutal invasion of Ukraine, which began over two weeks ago.
The situation in Ukraine is deteriorating daily with Putin accused of war crimes after his forces have consistently bombed cities, hitting civilian targets, including a children’s hospital.
However, Trivago announced on Thursday they would continue as training kit sponsors, despite other partners walking away in the wake of the sanctions against Abramovich.
On their deal with Chelsea, Trivago said: “As a global travel brand, we believe in connecting and bringing people together.
“These are values shared by Chelsea, an institution now 117 years old with a tradition so vitally important to its fans and communities and that is why we decided to partner with the club.
“The uncertainty over the ownership situation of Chelsea has been challenging. It is important to us to continue supporting the club, the fans and community. We are looking forward to a transition of ownership as soon as possible.”
Last year, Chelsea made £154million from commercial deals despite the coronavirus pandemic. In 2019, before Covid struck, the club earned £200m in sponsorship.
Abramovich was earlier disqualified as a director of Chelsea and the government have begun negotiations with the oligarch’s advisers over the terms of the sale, which Downing Street is eager to push through as quickly as possible.
A Premier League statement read: “Following the imposition of sanctions by the UK Government, the Premier League Board has disqualified Roman Abramovich as a Director of Chelsea Football Club.
“The Board’s decision does not impact on the club’s ability to train and play its fixtures, as set out under the terms of a licence issued by the Government which expires on 31 May 2022.”
Meanwhile, numerous bidders are willing to pay over £2billion and Abramovich has struck a deal with the Government that will allow the sale to go through.
Originally, Abramovich handed over control of the club to the charity and trustees before annoucing his intention to sell but he has now been backed into a corner.
It was gathered that Chelsea’s owner has agreed to write off loans of over £1.5billion without receiving any of the proceeds.
It is understood he has instructed The Raine Group – the American bank that paused the sale after the Russian was sanctioned – to continue the process of completing a takeover.
The same outlet also claims a deadline of the end of next week, pushed back from Tuesday, has been set for prospective new buyers’ first bids to be submitted, with Abramovich now hoping for a rapid sale and Raine hoping it attracts more bidders.
Abramovich bought Chelsea in 2003 for a reported £140million 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.
