ABRAMOVICH DENIES U-TURN TO POCKET CHELSEA SALE CASH

ROMAN ABRAMOVICH last night moved to allay Government fears that he is trying to renege on his promise to write off a £1.6billion debt he is owed by Chelsea. There are concerns within Whitehall that the Blues’ owner appeared to be backtracking on his pledge to forgo the money he is owed, after the club informed Government officials that they wanted to restructure the way Chelsea are being sold. The changes would see the debt paid from Chelsea’s parent company Fordstam Ltd to a Jersey-based company Camberley International Investments, which appears to be linked to Abramovich, raising alarm from the Government. Under the sanctions placed on Abramovich, the oligarch cannot pocket a single penny from the sale of Chelsea. The Russian released a statement last night insisting he will not benefit from the sale — claiming the £1.6bn debt will be frozen. What will happen to that money is unconfirmed, though Abramovich insisted the cash was ‘earmarked‘ for a foundation to benefit charitable organisations. He also denied he raised the price of the club at the last minute, following reports he asked for an extra £500million during the closing stages of the process. A spokesperson for the billionaire said: ‘Mr Abramovich has not asked for any loan to be repaid — such suggestions are entirely false — as are suggestions Mr Abramovich increased the price of the club at the last minute. ‘He has however encouraged each bidder to commit to investing in the club. ‘Following sanctions and other restrictions imposed on Mr Abramovich since announcing the club would be sold, the loan has also become subject to EU sanctions, requiring additional approvals. That means the funds will be frozen and subject to a legal procedure governed by authorities. These funds are still earmarked for the foundation. The Government are aware of these restrictions as well as the legal implications. ‘Mr Abramovich has no access or control of these funds and will not have any following the sale. He remains committed to finding a good custodian for Chelsea FC and making sure the proceeds go to good causes.’ Los Angeles Dodgers co-owner Todd Boehly and Clearlake Capital are on course to buy Chelsea for

£3.5bn.