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Chelsea’s future in danger as Abramovich makes u-turn on £1.6bn debt promise

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SPORTS NEWS: Chelsea’s future in danger as Abramovich makes u-turn on £1.6bn debt promise [New Sports News] » Naijacrawl
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According to the UK Times, the sale of Chelsea Football Club has encountered a block due to fears that owner Roman Abramovich may back out of his agreement to write off the £1.



6 billion he owes.

A partnership led by LA Dodgers part-owner Todd Boehly was chosen as the preferred bidder after a nearly two-month bidding process.

Raine Group, a US merchant bank, has offered the Boehly group a 5-7-day exclusivity period to complete the deal.

But now there's a new twist in the story.

Abramovich had stated that he "would not be asking for any loans to be repaid" when announcing his decision to sell Chelsea, but it is believed that his position has since changed.

Late last week, Chelsea told both the government and rival bidding groups that they wanted to restructure the way the club is being sold with debts of £1.6bn paid off to Jersey-based company Camberley International Investments, which appears to have links to Abramovich.

This has created a major issue, with the UK government having only approved the sale of Chelsea under the condition that Abramovich does not profit in any way.

Ministers had also been under the impression that any proceeds from the sale would be given over to the government, who would then use them to help victims of the war in Ukraine.

If Abramovich has effectively reneged on his promise to write off the £1.6bn in loans he has pumped into the club, it would not only make Chelsea an infinitely less attractive proposition for prospective buyers but it will prolong the sale process even further and create massive questions over the future of the club.

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Ojo Sunday Victor, A Professional Graphics Designer, and a skilled Content Writer in Entertainment, News and Sport Update.!An Undergraduate in Ladoke Akintola University of Technology (LAUTECH, Ogbomoso). Read More

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The Saudi Media Group has dropped out of the race to buy Chelsea from Roman Abramovich

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SPORTS NEWS: The Saudi Media Group has dropped out of the race to buy Chelsea from Roman Abramovich [New Sports News] » Naijacrawl
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The Saudi Media Group has withdrawn from the bidding for Chelsea Football Club.This was confirmed on Thursday by the group's CEO, Khalid AlKhudair, on his official Twitter account.AlKhudair expressed disappointment that their attempt to purchase the Blues was canceled before it reached the final stage of the process."We did our best, but are disappointed," he wrote. We will, however, continue to bleed #Blue. "Chelsea's decision was relayed to the group by Raine Grou...
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Abramovich Sells Chelsea

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SPORTS NEWS: Abramovich Sells Chelsea [New Sports News] » Naijacrawl
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After two decades as the owner of Chelsea Football Club, the Russian billionaire; Roman Abramovich has today announced that he would be selling the club.Naijacrawl has earlier reported that the Russian steps aside from stirring the club's affairs.Roman Abramovich feels sad that he would be ridiculously part of the club after twenty years.He assured the fans and players that he wouldn't be selling the club for a business/profit basis, but it is only those that have t...
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Abramovich Leaves Chelsea

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SPORTS NEWS: Abramovich Leaves Chelsea [New Sports News] » Naijacrawl
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After Twenty years of leading the London club; Chelsea to unprecedented victories, Roman Abramovich as step aside as the president and CEO of Chelsea football club.This was made known in a club statement. The new leadership of Chelsea will be anchor by the Chelsea Charitable association until a substantial CEO is chosen.Abramovich took over of Chelsea in 2002, and the club has won all relevant trophies since then, and the most successful club in England within that...
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