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Chelsea football club on the brink of extinction

Chelsea sale in doubt as Roman Abramovich attempts to restructure deal to regain his £1.5billion loan

The sale of Chelsea Football Club has been thrown into doubt over disagreements about what will happen to the £2.5billion the club is expected to be sold for.

The consortium led by US businessman Todd Boehly is the preferred bidder to buy Chelsea, but the UK government will not allow the sale to go through unless it is completely certain Roman Abramovich will not receive any of the proceeds.

Two months ago Abramovich put Chelsea up for sale and said he would not be asking for his loans to the club to be repaid and all the proceeds would go to a charitable foundation for “all the victims of the war in Ukraine”.

Abramovich was sanctioned by the government on March 10, preventing him from doing any business in the UK.

But the sale of Chelsea is being conducted by the Raine Group, an investment bank appointed by Abramovich, and he will have the final say on who buys the club.

The government is aware of attempts to restructure any potential deal in a way which could see Abramovich receive the £1.5billion he has loaned the club through its parent company Fordstam Limited.

The government has to issue a special licence for Chelsea to be sold and it would not do so if any of the proceeds were going to Abramovich or towards paying back the loans he is owed by the club.

Chelsea’s government licence to operate runs out on May 31 and they are facing the prospect of going out of business unless the club is sold or the licence is extended.

The Premier League are meeting on June 8 to constitute the new season, by which time Chelsea would need to have a licence to be part of the next campaign.

Chelsea and Abramovich have declined to comment.

Culled from Sky Sports

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