£1.6bn Abramovich U-turn threatens Chelsea sale

THE sale of Chelsea is under threat amid Government fears that owner Roman Abramovich is backtracking on his promise to write off a £1.6billion debt. Towards the end of last week Chelsea informed the Government — and the three remaining interested parties — that they wanted to restructure the way the Premier League club is being sold. The changes would involve paying off the debt from Chelsea’s parent company Fordstam Ltd to Camberley International Investments, a Jersey-based company which appears to be linked to Abramovich. That has raised alarm from key Government figures, who are concerned that permitting the restructure could let the Russian benefit financially from the sale of Chelsea.

Abramovich was sanctioned by the Government in March due to his apparent links to Russian president Vladimir Putin. Any scenario that would see him gain from the sale would be in breach of the terms of his sanctioning. Government sources were adamant last night that they would not allow the sale to go through if they believed any of the proceeds would go to Abramovich. Abramovich (right) had previously indicated the net proceeds would go to the victims of war in the Ukraine-Russia conflict. He is arguing that the sanctions will prevent him from writing off Chelsea’s £1.6bn debt. The development opens the door to significant delays to the process as the Government look to ascertain who exactly will benefit from the sale of the club in the event of the deal being restructured. American tycoon Todd Boehly has been selected as the preferred bidder for Chelsea and is pressing ahead with his plans to complete a deal worth a total £3.5bn, though the last-gasp £4.25bn bid from Jim Ratcliffe is set to be taken seriously should Boehly’s offer fall through. Chelsea’s operating licence expires on May 31 and any further delays could have serious consequences for the club’s ability to compete in the Premier League and in Europe next season. The restructuring of the sale is feasible but the Government remain determined to shut down any scenario which would see Abramovich earn a penny. The ownership of Camberley International Investments is unclear but Fordstam’s latest accounts state: ‘Funding is provided by the ultimate controlling party, Mr R Abramovich.’ The accounts also state that ‘Camberley International Investments Ltd provides funding to Fordstam Ltd and its subsidiaries as required to enable the Group to continue as a going concern’.