Chelsea shirt sponsors Three have said it was “reviewing” its relationship after today’s sanctioning of Russian owner Roman Abramovich.

It sets up a possible wave of corporate boycotts that could see the club deprived of tens of millions of pounds and facing financial meltdown.

Analysts say other sponsors are likely to follow Three in the hope of avoiding ‘guilt by association’ with Abramovich, who officials say owes at least part of his £9.4billion fortune to his friendship with Vladimir Putin.

Other brands, including, Nike, which has a £55m kit deal with Chelsea, as well as car manufacturer, Hyundai, and the watchmaker, Hublot, which have deals worth over £15m combined, will also have to weigh up their next move, claims the Daily Mail.

Abramovich has been banned from doing business in the UK – meaning his plan to sell the club is on hold.

However, ministers could still permit a sale as long as Abramovich does not benefit financially. In this case, it is likely any proceeds would be held in a dormant account until the sanctions expire.