REVEALED: Chelsea Foundation trustees will demand an impenetrable insurance policy before taking over stewardship of the club from Roman Abramovich to ensure they are not liable for any financial losses
- Roman Abramovich announced his intention to pass over stewardship of Chelsea to trustees of the club’s charitable foundation
- But a number of trustees are apprehensive about accepting the responsibility
- They will insist on a robust indemnity insurance policy to cover financial impact
- Conflict of interest is also understood to be a key concern of those handed reins
Chelsea trustees will insist on an impenetrable indemnity policy before agreeing to Roman Abramovich’s plan to pass over stewardship of the club to its charitable foundation.
Blues owner Abramovich’s proposal, which was announced on Saturday night, is in the balance with a number of trustees extremely apprehensive about accepting stewardship of the Stamford Bridge club.
And Sportsmail has learned that one of the main conditions the trustees will insist on is the inclusion of a robust indemnity insurance policy to ensure they are not liable for any financial ramifications the club may suffer while they are put in charge.
As we reported on Monday, trustees hold a number of concerns in relation to Abramovich’s plan, which was sprung on the trustees with very little notice on Saturday night.
Conflict of interest is understood to be among the key apprehensions, while the morality of being the face of a football club and business that has been linked to the Russian regime that has invaded Ukraine is another major consideration for trustees.
Roman Abramovich announced his intention to pass stewardship of Chelsea over to Foundation trustees but they will seek a robust indemnity insurance policy
Trustees are understood to be concerned over conflicts of interest which may arise from them holding stewardship of the club
However, the sheer responsibility of playing such a key role within a business that turned over £434.8million for the previous financial year is known to be the leading concern amongst a number of trustees.
As we revealed, Chelsea has instructed lawyers to start building the legal framework to facilitate Abramovich’s stewardship recommendation and those individuals in line will seek a strong protection policy before agreeing.
During the interim there will be a period of status quo, which will allow trustees who include: Chelsea chairman Bruce Buck, John Devine, a partner at the law firm Muckle LLP, club director of finance Paul Ramos, women’s head coach Emma Hayes, executive director of anti-discrimination group Fare, Piara Powar, and the chairman of the British Olympic Association, Sir Hugh Robertson, time to consider whether they want to be part of the process.
Chelsea chairman Bruce Buck is among the trustees who have been handed stewardship
Among the Foundation’s Trustees are Chelsea Women head coach Emma Hayes
Chelsea are aware of the problems they may face in convincing trustees and are said to be exploring other options.
Sportsmail reported on Monday that Chelsea have been asked to prove Abramovich’s move does not represent a breach of the foundation’s charitable status.
The Charity Commission contacted the club and foundation on Monday to ask for more details of the Russian’s proposal.
Chelsea will be expected to spell out how the club and the foundation can remain separate entities if they are run by the same people, although a number of the trustees may opt to walk away due to their own misgivings.
‘We have contacted the charity seeking information and, in line with our guidance, the charity has also made a report to the commission,’ said a Charity Commission spokesperson. ‘We cannot comment further.’