Israeli sports-tech company Movez is closing following the sanctions imposed on Russian oligarch Roman Abramovich and their impact on English Premier League club Chelsea. The company, which aims to combine virtual games with physical activities, states on its website that it is funded by Mati Kochavis AGT International, Chelsea Football Club and DFL Deutsche Fußball Liga. Calcalist has learned that Movez has come to the conclusion that it can no longer continue its activities due to the sanctions imposed on Abramovich. Most of the company’s estimated 9 employees will join Coach-AI, another company owned by Kochavi, where they are expected to continue developing the applications they worked on at Movez.
Earlier this month, the British government sanctioned Abramovich for his ties to Russian President Vladimir Putin. This had a major impact on Chelsea, which he acquired in 2003 and is currently in a sale process. Abramovich initially handed the club’s “responsibility and care” to the Chelsea Charitable Foundation, but that did not protect the club from sanctions, nor could it spare Movez, who received much of their funding from Chelsea.
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