Chelsea “now believe it will get the green light for its takeover to be completed, with the government holding Roman Abramovich’s disputed loan of £1.6bn until the issue is resolved”, with £1bn helping to rebuild ravaged Ukraine. war.
- Chelsea expect Roman Abramovich’s sale of the club to be completed now
- Abramovich reneged on his promise to write off £1.6bn, leaving the sale in doubt.
- But the government is reportedly keeping his loan until the matter is resolved.
- Doing so will allow the Todd Boehly consortium to finish its takeover bid.
Chelsea are reportedly hoping Roman Abramovich’s sale of the club will go ahead with the UK government willing to hold the £1.6bn loan owed to its outgoing owner temporarily.
Fears have grown this week that Abramovich, who is selling his shares after being sanctioned by the government in March for his links to Vladimir Putin, may renege on his promise to cancel the loan and leave the Blues in jeopardy.
Doing so would pose a major hurdle to any potential takeover, as the UK ministers who approve the sale do not want any of the proceeds to go to Russia.
Chelsea reportedly expect Roman Abramovich’s sale of the club to be completed now.
Instead, they are interested in the money going to help rebuild Ukraine after it was overrun by Russian troops.
News that Abramovich was seeking to restructure the takeover deal, which would require Chelsea parent company Fordstam to pay off debt held in trust at Jersey-based Camberley International Investments, stunned government officials.
Nevertheless, The times they are now reporting that Chelsea will be able to complete its sale as long as no money is paid to Camberley, who appears to be linked to Abramovich or members of his family, until the Government is satisfied that none of the £1.6bn will end. in her pocket.
Instead, more than £2.5bn will go directly to the government, allowing them to pay £1bn to the crisis in Ukraine and retain the rest until other problems with the trust are resolved.
The UK government is now ready to keep Abramovich’s £1.6bn loan until they are sure none of it will fall into his pocket.
That will allow Todd Boehly’s consortium, which has been named the preferred bidder, to outbid the takeover deal.
A consortium led by LA Dodgers co-owner Todd Boehly, who has been named the preferred bidder, was in talks with Chelsea’s banking adviser, the Raine Group, on Wednesday.
Earlier in the day, the group, whose period of exclusivity as the preferred bidder ends on Friday, took part in meetings with government ministers, including former Foreign Minister George Osborne.
While a solution to the loan issue has yet to be found, both Chelsea and the Boehly consortium are said to be confident that the government will issue a license to complete the sale.
The West London team is currently operating on a special license provided by the Government in the wake of the sanctions imposed on Abramovich.
Fears had grown amid reports that Abramovich reneged on a promise to pay off the loan.
However, if they are not fully licensed by the time the Premier League holds its AGM on June 8, Chelsea risk being banned from England’s top flight and European competition.
The club would not be eligible to re-enter the Premier League in that case, nor would the FA present them as representatives of the Champions League or Europa League.
Chelsea therefore need to finish their sale before the AGM, with just over a month on the clock.