Chelsea's problem is not over yet. The team was placed up for sale in March after Russian owner, Roman Abramovich, was sanctioned by the British government due to his close ties with Russian President Vladimir Putin following the invasion of Ukraine.
The club's directors began to receive offers from investors interested in buying Chelsea. In total, the English club has received four offers. Three from U.S. investors, and one from Sir Jim Ratcliffe. Britain’s richest man made an offer of up to £4.25bn to buy Chelsea.
The consortium led by US businessman Todd Boehly is the preferred bidder to buy Chelsea. However, the sale of Chelsea has been thrown into doubt over disagreements about what will happen to the £2.5billion the club is expected to be sold for. This issue would place Chelsea's continuity in the Premier League in doubt.
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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 preventing him from doing any business in the United Kingdom. Despite this, the sale of Chelsea is being handled by the Raine Group, an investment bank appointed by Abramovich, and he will have the final say on who buys the club.
The Blues now argue that the debt owed to Abramovich through the club’s parent company Fordstam should be sent as part of the proceeds of sale to Jersey-based Camberley International Investment. Abramovich's name does not appear, but everything points to the fact that the company in question is linked to Abramovich and now, apparently, the Russian is demanding full repayment of the loan.
The government has to issue a special license for the sale of Chelsea and would not do so if part of the proceeds were to go to Abramovich or to repay loans owed to him by the club. The British government fears that Abramovich may use this money to provide funding to Russia.
The club’s operating license only runs until May 31 and the club is now, genuinely, on borrowed time. Unless a deal acceptable to the Government (and one that ensures Abramovich receives no money) is reached by that date, the possibility of the club being expelled from the Premier League is likely. Both the Premier League and UEFA have warned the club that it could be prevented from competing in Europe if it does not have a new owner before the deadline expires.
