Plot twist in Chelsea sale after Roman Abramovich performs $2.8b U-turn

Roman Abramovich and Chelsea have reportedly changed their mind on a key detail affecting the sale of the Premier League giants.

Roman Abramovich has been warned the sale of Chelsea may be blocked if he does not go back on a last-gasp U-turn.

The Sun reports when Abramovich announced his plan to sell the club in March as a result of sanctions imposed because of his links to Vladimir Putin, the Russian insisted he was not looking to benefit.

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In his unprecedented public statement, issued through the club website at the time, Abramovich said: “I will not be asking for any loans to be repaid.

“This has never been about business nor money for me but about pure passion for the game and the club.”

But it has emerged Chelsea have informed the UK Government Abramovich now wants the $2.8 billion he had loaned to the club through an investment vehicle to be repaid in full as part of the sale process.

That has put the Department of Culture, Media and Sport, which has the final right of assent to any new buyer after Abramovich’s assets were frozen, on high alert.

From the start of this process the Government was clear Abramovich would not be allowed to profit from the sale of the Premier League giants, who he bought in 2003.

And unless the Chelsea owner reverts to his original promises, the possibility of the entire deal being blocked, potentially consigning the Blues to the scrap heap and ending 117 years of Stamford Bridge history, is a real one.

Roman Abramovich has been forced to sell Chelsea. (Photo by Ben STANSALL / AFP

It is understood that, despite granting “exclusive terms” to the bidding consortium led by Los Angeles Dodgers co-owner Todd Boehly, Chelsea are demanding a change in the process.

The club have argued the debt “owed” to Abramovich through the club’s parent company Fordstam should be sent as part of the proceeds of sale to Jersey-based Camberley International Investment.

Abramovich’s name does not appear on any financial listings of the Channel Islands company but it is believed he is linked to the firm.

That, the Government believes, would mean the Russian banking a significant portion of the sale funds, despite his previous public statements insisting that was not of interest.

Ministers have made it clear that they will not accept Abramovich benefiting in any way from the sale after he was placed on the UK sanctions list for his support of Putin following the Russian president’s invasion of Ukraine.

The idea that Abramovich or a related company will be able to walk away with $2.8b — albeit money that he has previously loaned the club over the past 19 years — was described as “a non-starter”.

It has been reiterated to Chelsea that the club’s operating licence only runs until May 31 and the club is now on borrowed time.

Unless a deal that is acceptable to the UK Government — and which ensures Abramovich does not receive any profits — goes through by that date, there remains the slight possibility the club could fold.

Big changes are afoot at Stamford Bridge. (Photo by Ian KINGTON / AFP)

Meanwhile, it emerged that Britain’s richest man Sir Jim Ratcliffe and his chemicals company Ineos are frustrated at being shut out of the Chelsea sale by Abramovich’s chosen brokers, the US investment group Raine.

Ratcliffe expected the New York-based company to engage with him after he launched a late, big-money bid on Friday.

Instead, Raine have so far refused to even respond to Ineos, leaving the billionaire disappointed. Ineos believe that Raine seem more comfortable at the idea of dealing with a US bidder but feel Blues fans should be concerned the Boehly bid will be 66 per cent funded by venture capital outfit Clearlake.

This story first appeared on The Sun and was reproduced with permission