Roman Abramovich and UK Government reach resolution to push through Chelsea sale2 min read
Todd Boehly’s Chelsea takeover is closer than ever to being completed, with the Government and the Premier League on the verge of ushering through the deal.
A legal resolution has now been reached to allay Whitehall concerns over the structure of the sale – while the Premier League are set to clear the American as a fit and proper owner.
As revealed by Standard Sport on Tuesday, sources close to the deal insisted Boehly was still on track to complete his takeover, despite late concerns from the Government over Roman Abramovich’s intentions for the proceeds of the £4.25bn sale.
It is understood Ministers wanted monies to be placed in a third party account to ensure it would be kept away from other companies belonging to the Russian oligarch.
Now common ground has been reached on the £1.6bn in loans Abramovich made to Chelsea, which he has always insisted he would write off.
Lawyers working on behalf of Abramovich are now confident their latest proposals will end any further concerns raised within Downing Street.
Boehly was named as the preferred bidder for Chelsea and presented to the Treasury for approval after beating off competition from a host of the world’s richest people to buy the club.
The Government must issue a special licence to complete the sale, which is why Abramovich’s lawyers have had to work so hard to convince them the billionaire will not get his hands on the money after being sanctioned for his links to Vladimir Putin.
Boehly, who will be the controlling owner despite not being the majority shareholder, must still be cleared by the Premier League.
But they have already made it clear that the necessary administration can be completed before the May 31 deadline set by the Government, and Boehly is expected to pass the owners and directors’ test imminently.
Chelsea and Boehly are determined to complete the deal as soon as possible, with the new owner aware of the need to make up for lost time in the transfer market.
He has already watched on as out of contract defenders Antonio Rudiger and Andreas Christensen agreed deals to leave the club at the end of the season.
Key figures within the club fear they are playing catch-up with rivals in the Premier League and Europe because sanctions meant they have been unable to line up signings when the transfer window opens.
Tuchel wants two centre backs and cover at wing-back this summer. He could also look to strengthen in attack and midfield dependent on departures.