Todd Boehly should be able to complete his consortium’s Chelsea takeover as planned thanks to a ‘legal resolution’ relating to the repayment of an outstanding £1.6bn loan.
The UK government is involved in the process due to the sanctions imposed on current owner Roman Abramovich and there had been suggestions from the government side of the table earlier this week that the deal risked collapsing over the repayment of the loan and the possibility that Abramovich and his beneficiaries might still be able to access funds via a trust in Cyprus.
When Chelsea were first put up for sale, Abramovich stated his intention to waive the £1.6bn loan owed to him by the club and donate the other proceeds to victims of the war in Ukraine. He later reiterated that stance through a statement on Chelsea’s official website following fresh reports in early May he was seeking repayment of the loan.
But renewed suspicion from the UK government this week brought fresh uncertainty once more and a report from the Daily Telegraph even quoted a senior government source suggesting that Abramovich was ‘willing to let Chelsea go under’ over ongoing complications in the sale structure.
An end of May deadline must be met, otherwise Chelsea face the threat of being excluded from competitions next season. But the latest from The Times suggests the government has been given the reassurance it needs to approve the proposed takeover, which it was already close to doing.
Once completed, the deal will see Boehly assume control of Chelsea. The American, who co-owns the LA Lakers and LA Dodgers, has already met with key club staff, including men’s team coach Thomas Tuchel and women’s team coach Emma Hayes.
