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Chelsea's Roman Abramovich among Russians hit by UK sanctions

UK government says it will enable the club to continue playing matches and engage in other footballing activities

Neil Murphy
Neil Murphy

March 10, 2022

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Britain said on Thursday it had imposed asset freezes on seven Russian businessmen, including Chelsea FC owner Roman Abramovich.

Igor Sechin, Oleg Deripaska and Dmitri Lebedev have also been added to the country's sanctions list.

There can be no safe havens for those who have supported Vladimir Putin’s "vicious assault on Ukraine", British Prime Minister Boris Johnson said.

Mr Abramovich is the billionaire owner of Chelsea football club, Mr Deripaska has stakes in En+ Group, Mr Sechin is the chief executive of Rosneft and Mr Lebedev is chairman of the board of directors of Bank Rossiya.

Abramovich London

A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.

A three-storey penthouse at Chelsea Waterfront bought for £22 million.

Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military.

Sale of Chelsea Football Club is now impossible.

The UK government said it would enable Chelsea to continue playing matches and engage in other footballing activities after the move to freeze assets.

"The licence will be kept under constant review and we will work closely with the football authorities," the government said.

Described as a pro-Kremlin oligarch, Mr Abramovich was hit with an asset freeze and a travel ban in an updated sanctions list published on Thursday after ministers came under sustained pressure to target him.

The government document says he has had a "close relationship for decades" with the Russian president.

"This association has included obtaining a financial benefit or other material benefit from Putin and the government of Russia," it says.

The sale of Chelsea Football Club has been put on hold after sanctions were placed on owner Roman Abramovich. Reuters.
The sale of Chelsea Football Club has been put on hold after sanctions were placed on owner Roman Abramovich. Reuters.

Culture Secretary Nadine Dorries said Mr Putin’s attacks on Ukraine involved “new levels of evil by the hour” and the government had announced further sanctions “against individuals linked to the Russian government”.

“This list includes Roman Abramovich, the owner of Chelsea Football Club,” she said.

She acknowledged that this would have an effect on the premiership side but that a special licence would enable it to continue operating.

Mr Abramovich has owned Chelsea since 2003 and has always staunchly denied any current political links to Russia’s ruling elite.

The 55-year-old put Chelsea up for sale on March 2 in the wake of Russia’s continued invasion of Ukraine. However, the move to freeze Mr Abramovich's assets means the sale is now on hold, leaving the club in financial limbo.

British billionaire Nick Candy had been the latest high-profile business magnate to throw their hat into the ring for Chelsea’s sale, amid a host of suitors for the Champions League holders.

Swiss tycoon Hansjorg Wyss and American investor Todd Boehly were also in the running, with more than 10 credible parties understood to have been compiling bids.

  • 1) League Cup, February 2005: Chelsea won their first trophy under Roman Abramovich by defeating Liverpool 3-2 after extra time in the 2003 League Cup final. John Arne Riise scored early for Liverpool before a Steven Gerrard own goal sent the game into extra time. Didier Drogba and Mateja Kezman made it 3-1 to Chelsea and Antonio Nunez pulled one back for Liverpool. The Abramovich era had begun. AFP
    1) League Cup, February 2005: Chelsea won their first trophy under Roman Abramovich by defeating Liverpool 3-2 after extra time in the 2003 League Cup final. John Arne Riise scored early for Liverpool before a Steven Gerrard own goal sent the game into extra time. Didier Drogba and Mateja Kezman made it 3-1 to Chelsea and Antonio Nunez pulled one back for Liverpool. The Abramovich era had begun. AFP
  • 2) Premier League, 2004/05: Jose Mourinho lived up to his self-appointed 'Special One' tag by guiding Chelsea to their first Premier League title and first top-flight title in 50 years. The Blues marched away with the league, finishing 12 points clear and losing just once. AFP
    2) Premier League, 2004/05: Jose Mourinho lived up to his self-appointed 'Special One' tag by guiding Chelsea to their first Premier League title and first top-flight title in 50 years. The Blues marched away with the league, finishing 12 points clear and losing just once. AFP
  • 3) Premier League 2005/06: Back-to-back titles for the Blues who were once again head and shoulders above their rivals, finishing eight points ahead of runners-up Manchester United. Getty Images
    3) Premier League 2005/06: Back-to-back titles for the Blues who were once again head and shoulders above their rivals, finishing eight points ahead of runners-up Manchester United. Getty Images
  • 4) League Cup, February 2007: Trophy No 4 was delivered at the Millennium Stadium in Cardiff, where Chelsea beat Arsenal 2-1 in the final. Theo Walcott put the Gunners in front but a Drogba double ensured the Blues emerged victorious. AFP
    4) League Cup, February 2007: Trophy No 4 was delivered at the Millennium Stadium in Cardiff, where Chelsea beat Arsenal 2-1 in the final. Theo Walcott put the Gunners in front but a Drogba double ensured the Blues emerged victorious. AFP
  • 5) FA Cup, May 2007: Chelsea missed out on the league title but finished the season with the Cup double, beating Manchester United 1-0 after extra time, courtesy of another Drogba goal. AFP
    5) FA Cup, May 2007: Chelsea missed out on the league title but finished the season with the Cup double, beating Manchester United 1-0 after extra time, courtesy of another Drogba goal. AFP
  • 6) FA Cup, May 2009: Interim manager Guus Hiddink left his mark on Chelsea by guiding the club to an FA Cup triumph. After falling behind to a first-minute Louis Saha goal, Chelsea fought back through Drogba and Frank Lampard to defeat Everton 2-1. AFP
    6) FA Cup, May 2009: Interim manager Guus Hiddink left his mark on Chelsea by guiding the club to an FA Cup triumph. After falling behind to a first-minute Louis Saha goal, Chelsea fought back through Drogba and Frank Lampard to defeat Everton 2-1. AFP
  • 7) Premier League, 2009/2010: After three years without a league title, Chelsea came roaring back to win the 2010 trophy. Following the dogged and pragmatic style under Mourinho, Carlo Ancelotti got the team playing with flair as the Blues scored 103 goals and won the title by one point ahead of Manchester United. AFP
    7) Premier League, 2009/2010: After three years without a league title, Chelsea came roaring back to win the 2010 trophy. Following the dogged and pragmatic style under Mourinho, Carlo Ancelotti got the team playing with flair as the Blues scored 103 goals and won the title by one point ahead of Manchester United. AFP
  • 8) FA Cup, May 2010: Chelsea successfully defended the FA Cup with a 1-0 win over Portsmouth. No prizes for guessing the matchwinner as Drogba struck to secure the double. AFP
    8) FA Cup, May 2010: Chelsea successfully defended the FA Cup with a 1-0 win over Portsmouth. No prizes for guessing the matchwinner as Drogba struck to secure the double. AFP
  • 9) FA Cup, May 2012: After the ill-fated spell of Andre Villas-Boas, former Chelsea midfielder Roberto Di Matteo came in to steady the ship. Steady the ship he did as Chelsea beat Liverpool 2-1 in the FA Cup final. Ramires and Drogba scored Chelsea's goals before Andy Carroll pulled one back for Liverpool. AFP
    9) FA Cup, May 2012: After the ill-fated spell of Andre Villas-Boas, former Chelsea midfielder Roberto Di Matteo came in to steady the ship. Steady the ship he did as Chelsea beat Liverpool 2-1 in the FA Cup final. Ramires and Drogba scored Chelsea's goals before Andy Carroll pulled one back for Liverpool. AFP
  • 10) Uefa Champions League, May 2012: The 10th trophy under Abramovich and the one the Russian craved above all others. Chelsea were crowned European champions in improbable style, riding their luck to defeat Bayern Munich on penalties inside the German club's own stadium. Drogba's header levelled five minutes after Thomas Muller had put Bayern in the lead to force extra time, where Arjen Robben then missed a penalty. It was then left to the main man Drogba to seal it from the penalty spot. AFP
    10) Uefa Champions League, May 2012: The 10th trophy under Abramovich and the one the Russian craved above all others. Chelsea were crowned European champions in improbable style, riding their luck to defeat Bayern Munich on penalties inside the German club's own stadium. Drogba's header levelled five minutes after Thomas Muller had put Bayern in the lead to force extra time, where Arjen Robben then missed a penalty. It was then left to the main man Drogba to seal it from the penalty spot. AFP
  • 11) Uefa Europa League, May 2013: A disappointing Champions League campaign saw Chelsea drop into the Europa League, but the Blues made their superiority count in Europe's second-tier tournament. Fernando Torres gave Chelsea the lead in the final, before Oscar Cardozo equalised from the spot. Branislav Ivanovic secured the trophy with the winner in injury time. AFP
    11) Uefa Europa League, May 2013: A disappointing Champions League campaign saw Chelsea drop into the Europa League, but the Blues made their superiority count in Europe's second-tier tournament. Fernando Torres gave Chelsea the lead in the final, before Oscar Cardozo equalised from the spot. Branislav Ivanovic secured the trophy with the winner in injury time. AFP
  • 12) League Cup, March 2015: The return of Mourinho brought with it more domestic success, starting with a third League Cup under Abramovich. Chelsea claimed a 2-0 victory over Tottenham in the final, John Terry and Diego Costa with the goals. AFP
    12) League Cup, March 2015: The return of Mourinho brought with it more domestic success, starting with a third League Cup under Abramovich. Chelsea claimed a 2-0 victory over Tottenham in the final, John Terry and Diego Costa with the goals. AFP
  • 13) Premier League, 2014/15: Mourinho secured a double as Chelsea won their first league title in five years. It was a convincing season for the Blues, who finished eight points clear of runners-up Manchester City. AFP
    13) Premier League, 2014/15: Mourinho secured a double as Chelsea won their first league title in five years. It was a convincing season for the Blues, who finished eight points clear of runners-up Manchester City. AFP
  • 14) Premier League, 2016/17: Antonio Conte announced himself to English football with a remarkable debut season as Chelsea manager, guiding the club to the title and a then record 30 league wins. The Blues were seven points clear of second-placed Tottenham. AFP
    14) Premier League, 2016/17: Antonio Conte announced himself to English football with a remarkable debut season as Chelsea manager, guiding the club to the title and a then record 30 league wins. The Blues were seven points clear of second-placed Tottenham. AFP
  • 15) FA Cup, May 2018: Two seasons, two trophies for Conte as Chelsea defeated Manchester United 1-0 in the FA Cup final, Eden Hazard scoring the only goal of the game from the penalty spot. It proved Conte's last game in charge. AFP
    15) FA Cup, May 2018: Two seasons, two trophies for Conte as Chelsea defeated Manchester United 1-0 in the FA Cup final, Eden Hazard scoring the only goal of the game from the penalty spot. It proved Conte's last game in charge. AFP
  • 16) Uefa Europa League, 2018/19: Maurizio Sarri's brief time in charge is not remembered all that fondly but the Italian did deliver silverware with an emphatic 4-1 win over rivals Arsenal in the final after goals from Olivier Giroud, Pedro and a Hazard double. Alex Iwobi grabbed a consolation for Arsenal. AFP
    16) Uefa Europa League, 2018/19: Maurizio Sarri's brief time in charge is not remembered all that fondly but the Italian did deliver silverware with an emphatic 4-1 win over rivals Arsenal in the final after goals from Olivier Giroud, Pedro and a Hazard double. Alex Iwobi grabbed a consolation for Arsenal. AFP
  • 17) Uefa Champions League, May 2021: Thomas Tuchel wrote his name into Chelsea folklore by guiding the club to the Champions League title just five months after taking charge. Kai Havertz scored the only goal of the game against a much-favoured Manchester City side. AFP
    17) Uefa Champions League, May 2021: Thomas Tuchel wrote his name into Chelsea folklore by guiding the club to the Champions League title just five months after taking charge. Kai Havertz scored the only goal of the game against a much-favoured Manchester City side. AFP
  • 18) Fifa Club World Cup, February 2022: As part of the privilege of being European champions, Chelsea competed in the Club World Cup in Abu Dhabi last month. The Blues lived up to their billing, defeating Palmeiras 2-1 after extra time in the final. Romelu Lukaku put Chelsea ahead only for Raphael Veiga to level from the spot. Havertz then converted a penalty deep in extra time to clinch it. If being crowned world champions proves to be the final achievement of Abramovich's era, it is a fitting tribute. AFP
    18) Fifa Club World Cup, February 2022: As part of the privilege of being European champions, Chelsea competed in the Club World Cup in Abu Dhabi last month. The Blues lived up to their billing, defeating Palmeiras 2-1 after extra time in the final. Romelu Lukaku put Chelsea ahead only for Raphael Veiga to level from the spot. Havertz then converted a penalty deep in extra time to clinch it. If being crowned world champions proves to be the final achievement of Abramovich's era, it is a fitting tribute. AFP
Company%20profile
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

ESSENTIALS

The flights 
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The past Palme d'Or winners

2018 Shoplifters, Hirokazu Kore-eda

2017 The Square, Ruben Ostlund

2016 I, Daniel Blake, Ken Loach

2015 Dheepan, Jacques Audiard

2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan

2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux

2012 Amour, Michael Haneke

2011 The Tree of Life, Terrence Malick

2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul

2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke

2008 The Class (Entre les murs), Laurent Cantet

While you're here
Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

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Company Profile

Company name: NutriCal

Started: 2019

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Total Clients: Over 50

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So what is Spicy Chickenjoy?

Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
 

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Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3

Bahrain
Tries: Kenny, Crombie, Tantoh
Cons: Phillips
Pens: Phillips 2

Racecard
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Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
DSC Eagles 23 Dubai Hurricanes 36

Eagles
Tries: Bright, O’Driscoll
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Pens: Carey 3

Hurricanes
Tries: Knight 2, Lewis, Finck, Powell, Perry
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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Kareem Shaheen on Canada
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
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  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

RESULTS
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AUSTRALIA SQUAD

Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

While you're here
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ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

While you're here
Abramovich London

A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.

A three-storey penthouse at Chelsea Waterfront bought for £22 million.

Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military.

Sale of Chelsea Football Club is now impossible.

Updated: March 10, 2022, 4:00 PM
Chelsea