Roman Abramovich’s loan status clarified in Chelsea’s official takeover statement
Roman Abramovich did not seek any loan repayments during the Chelsea sale process, nor attempted to raise the club’s price during the takeover, according to a spokesman on behalf of the Russian.
When Abramovich put Chelsea up for sale in early March following the Russian invasion of Ukraine, he said he would write off the £1.5billion debt owed to him in addition to the net proceeds from the sale donated to a foundation. created to help people affected by war.
Reports in recent days, however, claimed that the UK government, which along with the EU had imposed sanctions on Abramovich, feared the Chelsea owner would renege on his promise to cancel the loan and question the process. takeover of the club. However, in a statement issued on behalf of Abramovich this evening, he was reassured that this was not the case and the money would be frozen.
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Posted on Chelsea’s official website, the statement read: “First and foremost, Mr Abramovich’s intentions regarding donating the proceeds from the sale of Chelsea to charity have not changed.
“Since the initial announcement, Mr. Abramovich’s team has identified senior representatives from United Nations agencies and major global charities who have been tasked with establishing a foundation and establishing a plan for its activities. he lead independent expert had conversations with government officials outlining the initial structure and plans.
“Mr. Abramovich was not involved in this work, and it was managed independently by experts with years of experience in humanitarian organizations.
“Secondly, Mr. Abramovich did not request any loan repayment – such suggestions are entirely false – as are suggestions that Mr. Abramovich raised the price of the Club at the last minute. As part of the goal of Mr Abramovich to find a good custodian for Chelsea FC, however he encouraged every bidder throughout this process to commit to investing in the Club – including the Academy, the women’s team, the necessary redevelopment of the stadium as well as maintaining the work of the Chelsea Foundation.
“Following the sanctions and other restrictions imposed on Mr Abramovich by the UK since the announcement of the Club’s sale, the loan has also become subject to EU sanctions, requiring further approvals. This means that the funds will be frozen and subject to legal proceedings These funds are always intended for the Foundation The government is aware of these restrictions as well as the legal implications.
“To be clear, Mr. Abramovich has no access to or control over these funds and will have no access to or control over these funds after the sale. Despite the changed circumstances since his initial announcement, he remains committed to finding a good custodian for Chelsea FC and making sure the proceeds go to good causes.”
After a two-month process, the Chelsea takeover is said to be nearing completion. Last Friday, a consortium led by American billionaire Todd Boehly was selected as the preferred bidder by The Raine Group, the merchant bank responsible for the sale of the Club.
The Boehly Group entered a period of exclusivity in the process this week, and it is understood that the takeover is now expected to be officially agreed soon. If that doesn’t happen, however, consortia led by Martin Broughton, Stephen Pagliuca and Sir Jim Radcliffe will come back into consideration.