Chelsea sale ‘at risk’ as ministers press Roman Abramovich for new assurances | Football News Sky News


Chelsea’s £4.25bn takeover has been questioned amid a new standoff between owner Roman Abramovich and Whitehall over the terms of the deal.

Weather forecast He knows government officials are skeptical about whether a special license required to approve the sale will be issued before the month-end deadline.

People familiar with the talks said ministers have yet to receive the assurance they have come to expect from Mr Abramovich as to where the proceeds from the £2.5bn sale will go.

Chelsea could be banned from club competitions next season or even face a new threat from management if an agreement is not made from the football authorities some time in advance.

Those familiar with the situation warned that the situation was fluid and a license could be granted before the end of the month, allowing Chelsea to start next season under new management.

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Sky Sports News chief correspondent Kaveh Solhekol reveals the members of the Ted Boehly consortium and what could happen with the £4.25 billion they’ve agreed with Chelsea.

oligarch and his advisers reached a binding agreement earlier this month with a group funded mostly by Clearlake Capital, a California-based investment firm, and led by Todd Boehly, co-owner of LA Dodgers.

The sale will end the 19-year tenure of Chelsea owner Abramovich, who lost on penalties to Liverpool in the FA Cup final on Saturday.

The Blues has been operating under government license since Mr. Abramovich was approved in March and sparked a quick auction that attracted billionaires from around the world.

Officials from the Digital, Culture, Media and Sports Department (DCMS) are negotiating with the club and Mr. Abramovich for a new license so as not to accelerate the sale.

On Monday, officials said they were concerned about the fate of the £1.5bn loan given to the club’s parent company by Mr Abramovich.

Mr Abramovich’s government sanction means that the club’s parent company Fordstam does not currently have access to the financing needed to repay the £1.54 billion loan owed to Camberley International Investments, an oligarch-linked vehicle.

The loan will be repaid with the sale of Chelsea.

“Important week” for negotiations

Chelsea's new owner Todd Boehly watches
Chelsea’s new owner Todd Boehly watches

Before being placed on the sanctions list in March, Mr. Abramovich said he plans to cancel the £1.5 billion loan he made to the club and transfer the net proceeds from the sale to a new foundation created for the benefit of war victims in Ukraine. .

Although the situation persists, officials say they have not received adequate assurances or binding legal commitments from the current owner.

“Without these, the license will not be granted,” said one.

They added that it would be a “critical week” for negotiations.

The renewed risk of the sale could prompt former Chancellor George Osborne to soften his way to completion.

Mr. Osborne’s current firm, Robey Warshaw, advises the Boehly-Clearlake consortium.

Mr Abramovich has agreed to a binding agreement that includes paying the new owners £2.5bn to buy the shares and paying £1.75bn for future investments in his stadium, academy and women’s team.

Sky News recently announced that the terms of the takeover would prevent Mr. Boehly and his other investors from paying dividends or receiving management fees for ten years.

The measures have been described as a series of “anti-Glazer items” designed to prevent the controversy that has plagued Manchester United since the Glazers took over in 2005.

The new owners will also be barred from selling club stock for ten years and committing to strict limits on the level of debt they can assume.

Roman Abramovich watches the 2019 European Final between Chelsea and Arsenal (Photo: Arne Dedert/picture-alliance/dpa/AP Images)
Roman Abramovich watches the 2019 European Final between Chelsea and Arsenal (Photo: Arne Dedert/picture-alliance/dpa/AP Images)

The £790m takeover of Manchester United by the Glazer family placed the club in a costly debt known as pay-in-kind notes and provided a focus for fan protests, which intensified after Sir Alex Ferguson’s retirement in 2013.

Manchester United went public on the New York Stock Exchange ten years ago, and the Glazers took out hundreds of millions of pounds from dividends and share sales during their holdings.

Premier League still to confirm takeover

The Chelsea acquisition remains subject to Premier League approval and the issuance of a special state license.

This is expected to happen within the next two weeks, but those familiar with the deal warned that it is not yet certain whether the deal will happen.

Mr Abramovich is reportedly committed to donating at least £2.5bn to a new foundation for victims of the war and is asking bidders to increase their bids by at least £500m in the final stages of the auction.

Clearlake-Boehly’s bid rivals were a consortium led by Boston Celtics co-owner Steve Pagliuca and NBA president and Toronto Maple Leafs owner Larry Tanenbaum; and one was led by Harris Blitzer Sports & Entertainment, owner of the Crystal Palace stake in Premier League side, and Sir Martin Broughton, former chairman of British Airways and Liverpool FC, who reportedly owns a majority stake in a number of American sports teams.

Sir Jim Ratcliffe, king of the Ineos group, was also late in the process, but his move was rejected by Mr Abramovich’s advisers.

Uncertainty over the club’s ownership is already responsible for the departure of key players, including German midfielder Antonio Rudiger.

Mr Abramovich has owned Chelsea since 2003 and has won 19 major trophies under his watch, making the club one of the best teams in Europe.

DCMS declined to comment.