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New threats to Chelsea sale

A series of further complications have arisen in the sale of Chelsea: the late intervention by Sir Jim Ratcliffe; doubts about the Abramovich loan; and the retention of existing key figures associated with Abramovich in club management.  The special licence from the Government expires on May 31st and a failure to secure a deal by then could complicate transfers for next season.

Sir Jim Ratcliffe has undertaken a PR initiative by giving an interview to BBC TV from Madrid (wonder why he was there?}  He insists that he has had 'productive' discussions with government (Nadine Dorries?) on his late bid.

He once again points out that his is the only 'British' bid which is one way of characterising residence in the tax exile haven of Monaco.  He said his bid was late because one had to think carefully about acquiring a 'national asset' like Chelsea.  Asked why he did not try to buy the club he had originally supported, Manchester United, he said it was not for sale.

Roman Abramovich said that the £1.5bn debt owed to him by the club's parent company could be waived and the proceeds of the sale given to victims of the war in Ukraine.  However, forgiving the debt would create a hefty tax bill for the club.   There are difficulties about how the money could be repaid while remaining frozen and then paid to charity.

Investment bank Raine has apparently signalled to bidders that Chelsea chair Bruce Buck and director Maria Granovskaia (a Russian-Canadian) should be offered an option to stay on, although it has denied signalling or telling bidders that keeping the pair would strengthen their bid.   According to the Financial Times, the leading Boehly consortium has agreed to their retention, and it is believed that the other two bidders have done so as well, although they declined to comment.

This news has caused some alarm in political circles.  Julian Knight, chair of the Commons committee that covers sport, told the Pink 'Un: 'Any continuity with the Abramovich regime at Chelsea is certainly an unsettling development.'

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