Roman Abramovich expects £1.5bn in Chelsea loans to be frozen after club sale

Roman Abramovich understands his £1.5billion loan to Chelsea will be frozen if the club’s sale goes through, the PA news agency understands.

It is believed that ears have sprung up in the government that Abramovich may insist on repaying his loan, which could jeopardize the entire sales process.

Russian-Israeli billionaire Abramovich is said to have been informed that the UK government’s sanctions against him are blocking his plans to write off Chelsea’s debt.

Conclude

Graffiti near Stamford Bridge highlights strength of sentiment amid government sanctions on Chelsea owner Roman Abramovich and sale of the Blues (Yui Mok/PA)

The 55-year-old vowed to repay his loan to Chelsea when he confirmed he had put the Stamford Bridge club up for sale on March 2 amid the Russian invasion of Ukraine.

Downing Street imposed sanctions on Abramovich on March 10, claiming to have proved the business tycoon’s ties to Russian President Vladimir Putin.

The terms of these sanctions have frozen Chelsea’s parent company Fordstam Limited while the Blues operate under a special government license.

And now the longtime Chelsea owner expects his loan to the club to be frozen once the sale is finalized.

Abramovich pledged to start a new charitable foundation and donate all proceeds from Chelsea’s sale to help victims of the war in Ukraine when he first put the Blues up for sale.

The government is likely to divert proceeds from the sale to charity, but Downing Street bosses could yet freeze those funds.

Conclude

Sir Jim Ratcliffe, pictured, made a final bid for Chelsea on Friday (Martin Rickett/PA)

Chelsea’s sale must be completed by May 31, when the government’s special license expires.

The Raine Group and Chelsea both expected the sale to stay on track to meet that deadline.

Los Angeles Dodgers co-owner Todd Boehly’s consortium bid is said to have been selected as the preferred bidder by Raine Group, the New York merchant bank overseeing the sale of Chelsea.

Boehly has preceded bids from Sir Martin Broughton and Steve Pagliuca to earn preferred bidder status, putting the US tycoon ever closer to a takeover.

However, Sir Jim Ratcliffe’s last-minute offer on Friday has put the entire sale process on hold as Britain’s richest man continues to press ahead with his bid to buy the Blues.

https://www.independent.ie/sport/soccer/roman-abramovich-expects-15bn-chelsea-loan-to-be-frozen-following-clubs-sale-41611573.html Roman Abramovich expects £1.5bn in Chelsea loans to be frozen after club sale

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button