(Reuters). Russian oligarch Roman Abramovich denied that he requested that his loan to Chelsea be repaid.

Abramovich put the Premier League Chelsea up for sale following Russia’s invasion in Ukraine. This was before British sanctions were placed on Abramovich.

While Todd Boehly is part of a consortium to buy LA Dodgers for $3 billion, Jim Ratcliffe, the British billionaire, insists on making a formal bid. Despite the rejection by the U.S. banks handling the sale, Ratcliffe has not given up.

A total of 1.5 billion pounds (or $1.85 billion) was reported as the amount Abramovich lent to Chelsea.

His spokesperson stated that “First, Mr Abramovich has not altered his intentions regarding gifting proceeds of the Chelsea sale to charity,” in a statement posted on Chelsea’s Website.

“Secondly, Mr Abramovich has not asked for any loan to be repaid to him – such suggestions are entirely false – as are suggestions that Mr Abramovich increased the price of the club last minute.

“As Mr Abramovich’s goal to find Chelsea FC a competent custodian, he encouraged every bidder to make an investment in the club throughout this process.”

According to the spokesperson, the loan is now subject to European Union sanctions. Additional approvals are required.

The statement stated that “This means the funds will remain frozen until a legal process is completed by authorities.”

“These funds have been earmarked for (Chelsea) Foundation. This is a legal and restricted situation that the government has been made aware of.

To be precise, Mr Abramovich does not have access to these funds or will lose control after the sale.

($1 = 0.8097 pounds)