chara

Roman Abramovich and Chelsea FC : Sanctions

Recommended Posts

From The Athletic (which may be behind a paywall for some)
 

Chelsea’s £1.6 billion debt to sanctioned owner Roman Abramovich is becoming a major concern as US billionaire Todd Boehly’s consortium attempts to finalise a deal to acquire the club this week.

 

At a series of final pitch meetings held at Stamford Bridge last week, it is understood that Boehly’s team, along with representatives of the other shortlisted bids fronted by Sir Martin Broughton and Steve Pagliuca, were left with the impression that Abramovich now wants the £1.6 billion debt, from Chelsea’s parent company Fordstam Ltd to Camberley International Investments, repaid in full as part of the sale.

Abramovich initially pledged to write off the debt when he announced he was putting Chelsea up for sale at the beginning of March, adding that the net proceeds of any sale would be donated to a charitable foundation used to benefit all victims of the war in Ukraine.

But the UK Government subsequently sanctioned Abramovich, freezing his assets in the country while granting a special license to Chelsea to enable the club to continue functioning while a new owner could be found.

The Athletic understands that any sale of Chelsea which involves money flowing to Abramovich or any company linked to him would not meet the approval of the UK Government, which is required to effectively sign off on any deal by issuing a new special license to allow the club to pass into new ownership.

Boehly’s consortium has now entered into an exclusivity agreement after being selected as the preferred bidder by Chelsea on Friday, and is aiming to finalise the terms of the acquisition this week – but questions over where, and to whom, the money will go are significant complicating factors in the process.

One source told The Athletic that the UK Government could issue two separate licenses: one to allow the sale of Chelsea and another relating to the transfer of the money– but they would first need to be satisfied by the terms of the transaction. The primary considerations are that the money flows to a good cause, and that Abramovich in no way benefits.

Abramovich’s sudden request for an additional £500 million to go towards a charitable foundation for those impacted by the Ukraine conflict, conveyed on his behalf at last week’s meetings, was also greeted with consternation by some in the bid teams due to the lack of clarity over what form this foundation will take and who will be in charge of it.


Liam Twomey

Share this post


Link to post
Share on other sites
1 minute ago, Soed90 said:

Wish I was as sure as you Mark.

Martyn Ziegler is a serious journalist and he's claiming goverment sources for that. I don't think he'd make it up but I could be wrong.

 

It's wilful misrepresentation of the facts apparently .

My understanding is that many of our "friends" in the Premier League are complaining that writing off our debts to Roman isn't fair .

This has led to restructuring of the sale to protect the club from those accusations going forward . 

The club is worth whatever Roman says it is worth if it's worth 4.5 billion that's what they pay regardless of how those amounts are worked out , it's not based on the players being worth X the ground being worth Y , the goodwill being worth Z . It's worth whatever Roman says they have to pay for it .

I could be wrong obviously but that's what I read earlier , last week there was a slightly different panic stations story in the media and this has influenced this one .

 

Share this post


Link to post
Share on other sites
Floyd25   
6 minutes ago, CarefreeMuratcan said:

I don't like this new development. Genuinely worried now. 

It’s impossible not to be, every time you think we’re taking steps forward with the deal, we take two steps back again, I can’t see us being able to drag this on much longer. 

Share this post


Link to post
Share on other sites

Just a thought... having already by-passed the Raine Group bidding process, has Ratcliffe promised to give Abramovich his £1.6bn loan back via "back channels" (such as the Chinese banking system) that western governments can't stop?

Share this post


Link to post
Share on other sites
Soed90   
7 minutes ago, Mark Kelly said:

It's wilful misrepresentation of the facts apparently .

My understanding is that many of our "friends" in the Premier League are complaining that writing off our debts to Roman isn't fair .

This has led to restructuring of the sale to protect the club from those accusations going forward . 

The club is worth whatever Roman says it is worth if it's worth 4.5 billion that's what they pay regardless of how those amounts are worked out , it's not based on the players being worth X the ground being worth Y , the goodwill being worth Z . It's worth whatever Roman says they have to pay for it .

I could be wrong obviously but that's what I read earlier , last week there was a slightly different panic stations story in the media and this has influenced this one .

 

Lets hope it is.

The goverment isn't going to allow Romans debt to be paid off and if the EPL isn't allowing the debt to be written off we are surely between a rock and a hard place here.

This here is from another journo who's confirming that it's a goverment briefing so the story is confirmed in that sense.

"We all got that briefing. We were all told that if he tries to do that the licence to complete the deal will not be offered."

Sounds like they (gov) may have got a sense he's (Roman) about to try something and are trying to scare him off it.

Edited by Soed90

Share this post


Link to post
Share on other sites
22 minutes ago, Soed90 said:

Wish I was as sure as you Mark.

Martyn Ziegler is a serious journalist and he's claiming goverment sources for that. I don't think he'd make it up but I could be wrong.

I doubt he'd make it up, but I'd be far less surprised to hear a government source made it up or misrepresented exactly what is going on. And the government, much more so than any party, has motivation to be briefing the press that issues with a deal completed are nothing to do with them and are about Abramovich.

I have no idea what to believe, personally. I struggle with the idea that Abramovich would seriously think any money is coming his way from this sale any time soon. 

Share this post


Link to post
Share on other sites
Soed90   
5 minutes ago, thevelourfog said:

I doubt he'd make it up, but I'd be far less surprised to hear a government source made it up or misrepresented exactly what is going on. And the government, much more so than any party, has motivation to be briefing the press that issues with a deal completed are nothing to do with them and are about Abramovich.

I have no idea what to believe, personally. I struggle with the idea that Abramovich would seriously think any money is coming his way from this sale any time soon. 

I remember I had a debate with someone when Roman released that statement about proceeds going to war victims. Not everyone thought much of it but he said net profits in that statement and I interpreted that as him wanting to cover his outlay (loan+purchase price) first and foremost and then the rest would go to charity. Others thought everything was going to charity which I never believed personally.

I think that's whats at play here. Roman still wants his outlay back but the goverment won't allow it.

Share this post


Link to post
Share on other sites
Ruudboy   

Ok, so that’s the last time I watch him. Agreed, chaps?

0CF339CB-9756-4C7A-9256-9885654CB4B3.jpeg

Share this post


Link to post
Share on other sites
12 minutes ago, Ruudboy said:

Ok, so that’s the last time I watch him. Agreed, chaps?

0CF339CB-9756-4C7A-9256-9885654CB4B3.jpeg

Funny how the "anti-woke" and "anti-cancel culture" are the first to be offended when a joke is made about them! If it were Liverpool in this situation and the joke was about their fans you'd be lapping it up. What a hypocrite you are!

Share this post


Link to post
Share on other sites

If  Roman loves the club (and I think he does), there is no way he will see Chelsea go out of business, this is just another spanner being thrown into the works, who has spoken to him to justify this claim?

We all know there are people out there who would love this to happen, as for other teams crying about the loan

1) what's it got to do with them?

2) what's to stop Roman taking the loan off of the asking price?

 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now