Monday, June 24

Todd Boehly to sign first contract in Chelsea’s takeover

Todd Boehly

Mysport99 – Todd Boehly is expected to begin the process of signing the contracts needed to assume control of Chelsea on Saturday.

There had been concerns that the takeover could be wildly delayed by Roman Abramovich demanding the £1.6bn he has loaned to the club be returned, but the current Blues owner has since spoken out to rubbish those concerns.

Abramovich continues to maintain that he does not want a single penny from the £2.5bn that Boehly will initially part with, but the feeling is that his current sanctions mean he is not legally allowed to write off the loan as he initially planned, with the European Union further limiting his financial dealings as well as the UK.

To combat that, the UK government will temporarily freeze that £1.6bn while they address the issues, allowing Boehly to complete his takeover without needing to worry. The best part of £1m will be donated to charity – the details of which have not yet been confirmed – and the remainder is expected to follow suit further down the line.

According to The Telegraph, the contract-signing process will begin on Friday once Abramovich formally requests the government to authorise the sale and alter the terms of Chelsea’s licence, which currently restricts their ticket sales and forbids all transfer activity and contract negotiations.

The restrictions cannot yet be fully removed while the issue of the outstanding debt remains, but there is now growing confidence that Chelsea will see most of their restrictions lifted and any fears that the club could collapse or miss out on next season’s Premier League will soon be put to bed.

Government officials have already conducted background checks on Boehly and his consortium, and there are not expected to be any obstacles in the way from this point forward.