Chelsea

Official Chelsea announcement on takeover clarifies Roman Abramovich’s loan status.

According to a spokeswoman for the Russian, Roman Abramovich has not sought for any loans to be returned to him during the sale of Chelsea, nor has he attempted to boost the club’s value throughout the takeover.

When Abramovich placed Chelsea up for sale in the wake of Russia’s invasion of Ukraine in early March, he claimed that he would write off the £1.5 billion debt due to him, with all net earnings going to a foundation set up to aid people affected by the conflict.

According to recent reports, the UK government, which has sanctioned Abramovich alongside the EU, was concerned that the Chelsea owner would break his promise to pay off the debt, jeopardizing the club’s acquisition process. However, that is not the case, according to a statement published on behalf of Abramovich this evening, and the funds will be frozen.
“Firstly, Mr Abramovich’s intentions in respect to giving the revenues from the Chelsea sale to charity have not altered,” the statement said on Chelsea’s official website.

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“Since the announcement, Mr. Abramovich’s team has chosen top leaders from UN entities and big worldwide philanthropic organizations who have been entrusted with founding a Foundation and laying out a plan for its activities.” The principal independent expert has met with government officials to outline the structure and preliminary ideas. Mr. Abramovich was not involved in this project, which was overseen by specialists with extensive experience working with humanitarian groups.

“Secondly, Mr Abramovich has not requested any loan repayment – such claims are completely incorrect, as are claims that Mr Abramovich upped the Club’s price at the last minute. Mr Abramovich has encouraged each bidder to commit to investing in the Club, including the Academy, Women’s team, essential stadium reconstruction, and the Chelsea Foundation’s activities, as part of his goal of finding a strong custodian for Chelsea FC.

“The loan has also been subject to EU sanctions, needing extra clearances, following sanctions and other limitations placed on Mr Abramovich by the UK since declaring that the Club will be sold.” That implies the cash will be frozen and will be subject to a judicial process overseen by authorities. The Foundation will continue to receive these payments. These limitations, as well as the legal ramifications, are known to the government.

“To be clear, Mr. Abramovich has no access to or control over these monies, and he will have no access to or control over these money after the sale.” Despite the fact that circumstances have changed since his first commitment, he is dedicated to finding a worthy custodian for Chelsea FC and ensuring that the earnings go to charitable causes.”

Chelsea’s acquisition appears to be approaching completion after a two-month process. The Raine Group, the merchant bank overseeing the club’s sale, chose a group led by US billionaire Todd Boehly as the preferred bidder last Friday.

The Boehly group entered a period of exclusivity in the process this week, and it’s thought that the takeover will now be officially agreed upon soon. If this does not occur, consortiums led by Martin Broughton, Stephen Pagliuca, and Sir Jim Radcliffe will be considered again.

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