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EPL: Chelsea’s £4.25bn takeover in doubt with Abramovich refusing a sale structure

The proposed sale of Chelsea has been plunged into fresh doubt, with the government now ‘seriously concerned’ that Roman Abramovich would be ‘willing to let Chelsea go under’.

A consortium led by US investor Todd Boehly have agreed terms on a £4.25billion takeover to end the Abramovich era but there is now ‘alarm’ among ministers that the deal may be at risk of ‘falling apart’ over the oligarch’s alleged ‘refusal to agree’ to a proposed sale structure.

The Blues recently confirmed a consortium led by Todd Boehly had agreed a deal to buy them

The Blues recently confirmed a consortium led by Todd Boehly had agreed a deal to buy them

With the final deadline for a deal to go through a fortnight away, negotiations have hit another snag over the £1.6bn owed by Chelsea’s parent company, Fordstam Ltd, to Jersey-registered Camberley International Investments, a company with suspected links to Abramovich.

But a dispute concerning the £1.6billion loan owed to Abramovich is delaying the takeover

But a dispute concerning the £1.6billion loan owed to Abramovich is delaying the takeover

The government say they have been ‘clear all along’ that they will not countenance any deal that could possibly see some money end up in Abramovich’s pocket.

It’s understood ministers proposed that funds from any sale would be kept in a holding account, and released only once they are satisfied the money can go to a foundation to help victims of the Ukraine war.

Abramovich wants his loan to Chelsea's parent company Fordstam to be repaid to Camberley International Investments

Abramovich wants his loan to Chelsea’s parent company Fordstam to be repaid to Camberley International Investments

Abramovich recently denied he was going back on a pledge to write off the debt but on Monday a government source suggested that ‘despite committing to all proceeds going to good causes in public, Abramovich seems unwilling to give the same legal commitments.’

A government source added: ‘Two big sticking points remain – where exactly the proceeds of the sale will be held, and what legal guarantees government will be given about the money going to good causes… a deal which would allow the cash to be diverted during the deal would be a breach of sanctions and is seen as a red line for ministers.’

Chelsea are operating under a special licence after Abramovich was sanctioned following the invasion of Ukraine, over his alleged links to Russian president Vladimir Putin.

That licence expires on May 31, with any deal requiring sign-off from ministers and the football authorities.

A government source said they will continue to talk and work through the complexities of the takeover.

But Government chiefs insist this would be a red line which breaks sanctions imposed on him

But Government chiefs insist this would be a red line which breaks sanctions imposed on him

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But there is now ‘quite serious concern in government that the deal may fall apart and that Roman Abramovich is ultimately willing to let Chelsea go under.’

They added that ‘a good chunk of the sale’ needs to be completed this week or next, with deadlines looming ‘which would either see the club booted out of European competition or the Premier League entirely.’

May 31 is also the final day for the club to be registered for European competitions next season, while the Premier League will meet in early June to grant clubs the licenses required to play next season.’

Sportsmail contacted Chelsea and sources close to Abramovich for comment.

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