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Chelsea Takeover Hits Problems Over Roman Abramovich Loan U-Turn
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Roman Abramovich could cause serious issues for Chelsea, with reports that he wants to make a u-turn over the decision to cancel the club's loan to him.
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Abramovich decided back in February to sell the Blues, in the wake of Russia's invasion of Ukraine, with the need to sell sped up by sanctions on the Russian by the UK government.
Initially it was reported that the billionaire was ready to waive the £1.6 billion the club owed him in loans in order to help the sale go through.
Last week Sir Jim Ratcliffe, the UK's richest man, launched a late bid to buy the club but the American Boehly group were expected to be named as the preferred bidder.
However, on Tuesday, things hit a barrier, with the Times reporting that Abramovich is 'attempting to renege' on waiving the money owed.
The report says that Chelsea told the UK government and the preferred bidder that they wanted to restructure the deal, with the £1.6 billion going to the Blues' parent company, which appears to be linked to the current owner.
The sanctions against the 55-year-old has meant his assets have been frozen and the money from the sale was meant to be used for good causes, including those in Ukraine affected by the war.
Daily Mail sports writer Rob Draper explained on Twitter what the repercussions of the Abramovich decision could have on the Premier League side, and they could be very serious.
The Premier League meet on June 8th to constitute the new league for 22-23. If Chelsea aren’t licensed to operate by then - and they are only licensed now on UK Govt sufferance - then they can’t be part of PL. Simples…..
— Rob Draper (@draper_rob) May 3, 2022
Imagine if it came down to May 30th and there was genuine chance Chelsea could fold but somehow a Ratcliffe bid could save the day if only the UK Govt agreed to a let the proceeds to an independent charitable foundation? Well, that would be better than letting Chelsea fold…
— Rob Draper (@draper_rob) May 3, 2022
Draper explained that though there is a deadline for May 31st for the sale, the club would be in trouble if they weren't sold by June 8th, when the Premier League clubs meet.
At that point their temporary license, which has allowed them to continue trading for the rest of this season, but also stopped fans buying tickets and merchandise, would have expired.
Without a license to operate as a business, the club would not be able to continue in the league, which is obviously something everyone would want to avoid.
Earlier in the process it was claimed that Abramovich could have taken the club into administration if he refused to sell to anyone from a country which placed sanctions of the billionaire.
That clearly isn't the case, with an American led consortium set to be named as the preferred bidder and Ratcliffe still a potential buyer, but things could be just as bad in this current scenario.
Featured Image Credit: PA
Topics: Chelsea, Premier League, Roman Abramovich
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