CHELSEA TAKEOVER: PREMIER LEAGUE SET TO APPROVE TODD BOEHLY BID

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The Premier League is expected to approve Todd Boehly’s consortium’s purchase of Chelsea, but sources say a major stumbling block remains while talks between Roman Abramovich and the UK government continue.

Although the process is still underway, insiders say the proposal led by Los Angeles Dodgers part-owner Boehly is expected to pass the league’s Owners and Directors’ Test (OADT) in the coming days.

However, a significant stumbling block remains because the OADT does not evaluate where the sale money goes, instead focusing exclusively on the buyer’s ability to manage the club they are purchasing.

That implies Abramovich and the government will need to reach a separate arrangement over the £2.5 billion asking price. According to sources, nothing had been addressed as of Wednesday morning.

Abramovich is not allowed to profit directly from any sale profits after being sanctioned by the U.k. for his ties to Russian President Vladimir Putin.

Last week, the European Union took a similar stance, with Portugal delaying the sale of a €10 million house over suspicions that Abramovich was the owner.

According to sources close to Abramovich, a deal has been struck in Chelsea’s case, but the government is yet to be convinced.

The Boehly consortium has agreed to pay £4.25 billion for Chelsea, which includes future investment guarantees. However, the question of what will happen to the £2.5 billion invested to buy the club remains.

Abramovich has declared that he will not demand return of a £1.6 billion loan and is content for the £2.5 billion to go to Ukrainian war victims.

As the talks progressed, it was suggested that Abramovich is actually requesting that the £2.5 billion be given to charity through Camberley International, a business the government believes is an affiliate of a trust fund run in Cyprus and owned by Abramovich’s children.

As a result, the government is requesting that the funds be placed in an escrow account (essentially held separately until the funds’ destination is established), allowing Boehly to finalise the purchase of Chelsea and liberate the club from the continuing dispute.

Conversations between Abramovich and the government could then resume, with Chelsea being relieved of all sanctions and entering a new era under the Boehly consortium.

However, the government licence granted to keep Chelsea operating expires on May 31, and a compromise has to be found before then.