TalkSPORT pundit reacts to Abramovich's wanting £1.6bn Chelsea debt to be repaid
TalkSPORT’s Simon Jordan insisted that the issues surrounding the Chelsea sale process and fresh concerns over the deadline should not be as complicated as they are.
Recent reports suggest that the consortium led by LA Dodgers part-owner Todd Boehly has emerged as the preferred Chelsea bidder and entered a period of exclusivity to sign a purchase agreement.
However, there are now increasing concerns on whether the sale will reach a conclusion by the time the special licence Chelsea are operating under expires.
Sky Sports claims in a worst-case scenario, the Blues “could go out of business”.
Jordan plays down such a possibility and argued that the government already proved that they are willing to compromise to keep Chelsea afloat in the last months.
“The date is May 31 — it is a deadline that they [the government] would like to have you complete the transaction on because of the funding mechanism,” the former Crystal Palace chairman told talkSPORT.
“[But] they have already changed the licence once to allow Abramovich to drop another £30million to be able to fund the players’ wages, [so] they can change the deadline.
“It is a hard deadline, but like everything else, if they want to change it, in the same way they amended the commercial terms to allow [Chelsea] to have revenues coming in from away tickets, they can change the date.”
The latest problem that could delay the sale is Abramovich’s reported plan to recover £1.6 billion loans he initially wanted to write off through offshore Camberley International Investments, which is believed to be under his control.
The government specifically, however, stated that they will not allow any proceeds from the sale to go to a sanctioned individual.
Bear in mind, Chelsea will need to apply for another licence to conclude the sale process.
Jordan believes that regardless of where the money will eventually go, it should not impact Chelsea as a football club at all.
“If Roman Abramovich is playing hard and fast on how the money is distributed, the government [should] step in and exert executive control over the disposal of Chelsea football club,” he explained.
“It will be sold to someone else at market value, £2.5-3bn.
“The proceeds will then be taken and dropped into a ringfenced environment where no one has them.
“The argument will then happen about what happens to that money, but the club will then go on under new ownership.”