Roman Abramovich accused of putting Chelsea in danger over £1.6bn loan with just TWO WEEKS until final takeover deadline
Sponsored by
CHELSEA’S £4.25billion takeover could “fall apart” if Roman Abramovich continues to block the final sale.
The Russian owner has been accused by senior Government sources of deliberately refusing to play ball over the terms of the sale to the Todd Boehly consortium.
And it has led to suggestions the club’s entire future is in doubt - and risks seeing the Blues “booted out” of the Prem.
Los Angeles Dodgers co-owner Boehly and his consortium were hopeful of completing a £2.5bn initial deal with a promise to spend a further £1.75bn on the stadium, academy and team-building by the end of this week.
But the ongoing spat between Chelsea and the DCMS over the final structure of the agreement has now broken out into a serious issue.
A Government insider expressed “considerable alarm” at the flare-up, suggesting the very viability of the Blues could be at threat.
READ MORE ON CHELSEA
The source said: “There's quite serious concern in government that the deal may fall apart and that Roman Abramovich is ultimately willing to let Chelsea go under.
“There are deadlines at the end of this month and the start of June, which would either see the club booted out of European competition or the Premier League entirely.
“A good chunk of the sale needs to be done this week or next."
Chelsea remain confident the deal will be approved before the club’s current operating licence runs out on May 31, although there could be leeway on that from the Government side.
Most read in Football
But the sticking point remains Government demands that the entire £2.6bn from Boehly be placed in a holding account until officials are satisfied all the money will then go to a foundation to help victims of the Russian invasion of Ukraine.
Chelsea and Abramovich maintain their wish for the £1.6bn debt owed by the club’s parent company Fordstam - effectively money owed to the Russian owner over his 19-year reign - be sent to a Jersey-registered investment company before being sent on to the foundation.
Chelsea’s demand is that the money would be frozen after being transferred to Camberley International Investments ahead of being moved to the foundation.
The Government, though, believes that would break the sanctions imposed on Abramovich and other oligarchs for their alleged support on Vladimir Putin and his war machine in March.
FREE BETS AND SIGN UP DEALS - BEST NEW CUSTOMER OFFERS
Officials have told Chelsea such a move would leave them with no legal guarantees that cash would not end up in the hands of Abramovich or his associates and family.
The source added: “There's alarm about the gap between what Abramovich has said he will do publicly and what he's willing to commit to legally as part of the sale process.
“There are pressing deadlines this week, and if there isn't a breakthrough, we're quite concerned that the sale of Chelsea could be timed out by certain sporting deadlines.
“Chelsea are saying to us they don't know who owns Camberley International and can't talk to them. We cannot contact Camberley International to talk about this.
“Our understanding of the structure is that Camberley International is an affiliate of a trust fund which is owned by his children or goes to his children with an individual in Cyprus acting as the trustees’ signatory.
“Abramovich seems unwilling to give the legal commitments that neither he nor his affiliates could stake a claim to that unpaid debt between Fordstam and Camberley.
“A deal which would allow the cash to be diverted would be a breach of sanctions and would be a red line for ministers.”
Abramovich wants to establish an independent charitable foundation and has approached a former United Nations executive to run it once the money has been released.
READ MORE SUN STORIES
Read More on The Sun
Chelsea’s current operating licence runs out on May 31, which is the deadline for registration - through the FA - for next season’s European competitions.
But the club have been accused of holding a “ludicrous position” over their relationship with Camberley, adding to the sense of conflict between the two sides.