Chelsea may be forced to quit the Premier League and incur massive debt if the sale does not go through soon
According to the LBC Radio (h/t Mirror), Lord Sebastian Coe has warned Chelsea that they might be forced out of the Premier League and be saddled with debt “for the next 50 years” should the club’s sale fail to go ahead in time. Lord Coe was a member of Sir Martin Broughton’s offer to acquire the club before the British businessman was rejected, and he has now warned the Government to find a solution to the club’s sale as quickly as possible.
Following Russia’s invasion of Ukraine, Roman Abramovich put the club up for sale. The UK government then placed sanctions on the Russian oligarch for allegedly maintaining ties to Vladimir Putin. As a result of the sanctions, the club is unable to execute financial transactions and must operate under a special operating licence.
While the club is now officially up for grabs, their problems could take a dire turn should the sale fail to take place soon. In the interview Lord Sebastian Coe laid out a rather dark vision for the club should things not work out as planned.
“Fans like me want a resolution to this but they want to make sure the club lands in the right hands and that the club isn’t lumbered with debt for the next 50 years,”
Coe, a former Olympic gold medalist and current president of World Athletics, was said to be interested in joining the Chelsea board following a lifetime of support for the Blues. While his attempts to join the partnership were unsuccessful, the 65-year-old is now hoping for a quick solution to ratify the club’s new owners.
Are Chelsea on the verge of being expelled?
The Premier League will host a meeting eight days later to finalise plans for the following season. If a contract isn’t done by then, and the club isn’t licensed, expulsion is a possibility.
Things could get worse because, even though the acquisition appears to be nearing completion, Roman Abramovich is considering withdrawing his vow to write off Chelsea’s £1.6 billion debt as part of the agreement.
Abramovich declared in a statement when the club was put up for sale in early March that he would not demand to be repaid any of the loans he made to the club. He also stated that any money from the sale would go to Ukrainian war victims.
As a result of the recent development, the club’s sale is now in doubt, as Roman Abramovich seeks payback of a £1.6 billion debt. This comes four days after it was disclosed that a group led by American investor Todd Boehly had initiated exclusive talks with Chelsea over a purchase that would set new records for a sports team sale.
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We have already suffered a number of setbacks as a result of the government’s penalties, and they have lost a number of players as a result of their inability to make bids. We need to be cautious not to lose players like Mason Mount, who is wanted by a number of European clubs and looking for a better deal to stay. It will be tough for the Blues to retain such players if they can’t upgrade their contract and pay them extra.
We Chelsea fans hope that the sale happens as quickly as possible and that a solution to this dilemma may be reached. With supporters like Lord Sebastian Coe on our side, things are going to fasten up and the club will be hopefully restored.
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