The UK government are not allowing him to do any business in the UK.
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It can't be Abramovich, because he is sanctioned. What is going to happen to the money? And who's going to have control of that money? Kaveh Solhekol explains why a significant development in the ongoing sale of Chelsea could threaten the future of the club itself. Chelsea will not exist anymore and, of course, he's always maintained Chelsea are very, very close to his heart and he does not want that to happen. He's sitting tight.īut the only problem is, if he sits tight and refuses to sell Chelsea then Chelsea will go out of business. He's not selling that at the moment and giving the proceeds away to charity. He's got a house in Kensington that's worth £150m. What happens to Chelsea if Abramovich refuses to sell? The Premier League are meeting on June 8 to constitute the new season, by which time Chelsea would need to have a licence to be part of the next campaign.Ĭhelsea and Abramovich have declined to comment. Kaveh Solhekol says that Sir Jim Ratcliffe had earlier said he was not interested in bidding for Chelsea, but that something has made the Ineos owner change his mind.Ĭhelsea's government licence to operate runs out on May 31 and they are facing the prospect of going out of business unless the club is sold or the licence is extended. What's the worst-case scenario for Chelsea?
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The government has to issue a special licence for Chelsea to be sold and it would not do so if any of the proceeds were going to Abramovich or towards paying back the loans he is owed by the club. The government is aware of attempts to restructure any potential deal in a way which could see Abramovich receive the £1.5billion he has loaned the club through its parent company Fordstam Limited. Two months ago 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". The consortium led by US businessman Todd Boehly is the preferred bidder to buy Chelsea, but the UK government will not allow the sale to go through unless it is completely certain Roman Abramovich will not receive any of the proceeds. Abramovich's attempts to regain £1.5bn loan putting Chelsea sale at riskĮxplained: Is Chelsea's future really under threat?