The sale of Chelsea Football Club has hit a serious stumbling block over fears that Roman Abramovich might renege on his promise to write off a £1.6bn loan.
It is understood that Chelsea told the government – as well as the rival bidding groups – last week that it wants to restructure the way the club is being sold, which would include paying off the debt from Chelsea’s parent company Fordstam to Jersey-based Camberley International Investments, which is linked to Abramovich.
This could prove problematic as Abramovich has been sanctioned and has had his assets frozen. Ministers had been under the impression that all proceeds from the sale would be given over to the government to be used for good causes, including helping the victims of the war in Ukraine.
Last week, the consortium led by Todd Boehly, co-owner of the Los Angeles Dodgers baseball team, was informed by Chelsea’s US bankers that it had been given a five-day period of exclusivity as preferred bidder.
But sources from the rival bid groups said it was only “days” before that decision was taken that they were informed that the loan, which is in trust in Jersey, needs to be repaid on the sale of the club.
Sir Jim Ratcliffe’s attempts to hijack the deal with a late £4.25bn bid were dismissed last week by both Chelsea and Raine Group, the New York merchant bank appointed by Abramovich to handle the sale.
Ratcliffe is meeting Chelsea fan groups this week.
