There is growing concern in the United Kingdom government over where proceeds from Chelsea’s sale will go, it is understood.
Todd Boehly has agreed a £2.6 billion takeover from owner Roman Abramovich, the Russian-born billionaire who has been described by the government as a “pro-Kremlin oligarch” and was hit with an asset freeze in March. Abramovich has repeatedly promised all proceeds from the sale will go to a charitable foundation.
However, it is understood there is a fear in government over an insistence that a significant portion of the proceeds will have to go to Jersey-registered Camberley International Investments and then frozen before going to the foundation. Chelsea’s parent company Fordstam have a debt of £1.6 billion to Camberley.
That process would be an issue for the government, as it would break the sanctions impacting Abramovich. The government want a sale structure that gives it assurances the proceeds will go to a suitable cause.
The government version of events is disputed by sources close to Abramovich. His most recent statement read: “Mr Abramovich’s intentions in relation to gifting the proceeds from the Chelsea sale to charity have not changed.”
There are thought to be no concerns over Boehly’s group and their suitability to take over the west London club.
Chelsea are pushing to complete the takeover by the end of the month, as the government’s license allowing them to operate while Abramovich is under sanction expires on 31 May.
(Photo: Cem Ozdel/Anadolu Agency via Getty Images)
