• Thu. Aug 18th, 2022

Big announcement as UK govt agreed to sign deal with Abramovich over £1.5 Billion Chelsea debt

According to reports, The UK Government are expected to agree a deal with Roman Abramovich over Chelsea’s £1.5 billion debt.

A sale of the west London side is set to be completed in the next few weeks, with the reigning World and European Champions being put up for sale at the beginning of March.

Raine Group, who are overseeing the sale, have made a shortlist of three bidders who are through to the next stages of the process.

According to Ben Jacobs, a deal is set to be made between Abramovich and the DCMS in order for the £1.5 billion in debt at Chelsea to be written off and put into equity.

He also reported that members of the UK Government will not ‘pick or influence’ Raine Group’s preferred bidder, with their role only being to license the sale of the club.

The merchant bank Raine have denied any speculation over potential delays in the takeover process, and they are still set to pick their preferred bidder by the end of April.

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It was thought that the shortlist of three bidders would be cut down to two, but this is now believed to not be the case.

Todd Boehly, Sir Martin Broughton and Stephen Pagliuca are all leading the shortlisted bids for the club.

Reports have also suggested that the aforementioned bidders have been asked to guarantee their ownership of the club by the year 2032.

This request from Raine will be included in the contract of the sale, meaning that it would be ‘legally enforceable’.