May 18, (THEWILL) – Courtesy of a legal resolution linked to the repayment of an outstanding £1.6 billion loan, Todd Boehly and his group should be able to complete their Chelsea takeover as scheduled.
Due to the sanctions imposed on current owner Roman Abramovich, the UK government is involved in the process.
Earlier this week, there were suggestions from the government side of the table that the deal could fall apart over the loan repayment and the possibility that Abramovich and his beneficiaries could still access funds through a trust in Cyprus.
When Chelsea FC was first put up for sale, Abramovich announced that he would waive the club’s £1.6 billion loan to him and donate the remaining funds to victims of the Ukraine war. Following new allegations in early May that he was demanding return of the loan, he restated his position in a statement on Chelsea’s official website.
However, increased mistrust from the UK government this week raised new doubts, with one report citing a senior government source as saying Abramovich was “willing to let Chelsea go under” due to persistent issues in the selling process.
It is a relief that the government has been given the assurance it needs to approve the proposed takeover, which it was already close to doing, because there is a deadline of the end of May to complete the sale and ensure that Chelsea does not face exclusion from competitions next season and possible bankruptcy.
The agreement will see the American Boehly, who owns the LA Lakers and LA Dodgers, take control of Chelsea once it is completed.
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.
