Snag Remains In $3 Billion Chelsea FC Sale By Russian Oligarch Roman Abramovich
Although the Premier League is expected to approve the Todd Boehly-led group’s purchase of Chelsea FC, an obstacle still remains: Talks between Roman Abramovich and the U.K. government as to where the sale money will go.
After being sanctioned by the U.K. government for alleged ties to Russian President Vladimir Putin, Abramovich is not allowed to personally benefit from the proceeds. So a separate agreement will have to be reached between Abramovich and the U.K. authorities over the £2.5 billion (roughly $3.1 billion) asking price.
The Boehly group has committed £4.25 billion (roughly $5.27 billion) toward the purchase—a figure that includes guarantees of future investment. The fate of the £2.5 billion asking price still remains, though.
Some reports say that Abramovich is asking for the £2.5 billion to be paid to a charity tied to his children. In turn, the government is demanding the money be held in an escrow account, which would allow for the sale to go through, and, eventually, a resolution between Abramovich and the government—freeing Chelsea from any and all sanctions.
Time is ticking, as the license to keep Chelsea operating expires on May 31.