May 04, (THEWILL) – Chelsea FC’s long-awaited sale has reached a major stumbling block amid suspicions that current owner, Roman Abramovich, is trying to back out of a promise to write off the club’s £1.6 billion debt to him.
The Russian-Israeli oligarch pledged to overlook the massive sum owed to him when he put his prized asset up for sale in March before being struck by government sanctions, saying: “I will not be asking for any loans to be repaid. This has never been about business nor money for me, but about pure passion for the game and club.”
However, there are renewed concerns that Abramovich may break his word and try to recoup Chelsea’s £1.6 billion debt as part of the deal. Despite a late attempt by British billionaire, Sir Jim Ratcliffe, a consortium led by LA Dodgers co-owner Todd Boehly has emerged as the favoured bidder for the club.
Chelsea informed the selected bidders and the UK government last week that they wanted to “restructure” the sale. This would entail repaying a loan owed to Camberley International Investments, situated on the island of Jersey, by Chelsea’s parent firm Fordsham Ltd.
Camberley International Investments is listed as a funder in Fordsham’s accounts alongside the “ultimate controlling party, Mr R Abramovich.” Because he is under government sanctions and has his assets frozen, this might be a major stumbling point in the purchase.
Ministers had previously been under the notion that all proceeds would be channelled through the government to good causes, as promised.
Abramovich had remarked in a statement in March: “I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated. The foundation will be for the benefit of all victims of the war in Ukraine.”
But, the latest is that Abramovich is reportedly alleging that the sanctions prevent him from cancelling the debt.
About the Author
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
