October 6, 2022

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Chelsea sale edging closer to being ratified

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The Chelsea sale is inching ever closer to being formalized.

Roman Abramovich now expects to have met the UK Government requirements for the granting of a new sale licence, it is understood.

Russian-Israeli billionaire Abramovich has hoped for some time to have been able to satisfy Government expectations on how to handle his £1.5billion loan to Chelsea.

The 55-year-old is thought to be confident those demands have been reached, which would finally pave the way for Downing Street to sign off on the sale.

Abramovich is understood to have provided confirmation to the Government that his associate Demetris Ioannides has resigned from the trust owning Camberley International, the company holding that £1.5billion debt he intends to write off.

The UK Government sanctions against Abramovich mean he must not benefit from Chelsea’s sale, with the debt expected to be frozen and then later converted to equity.

Los Angeles Dodgers co-owner Todd Boehly has already agreed a £4.25billion purchase of the Blues, with Abramovich’s ownership tenure poised to end after 19 years.

US magnate Boehly will become Chelsea’s controlling owner once the takeover is complete, though California investment firm Clearlake Capital will assume the majority shareholding.

Boehly’s consortium completing the takeover will bring to an end a 12-week saga that was sparked by Abramovich officially putting the Blues up for sale on 2 March.

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