Chelsea’s takeover hit a hitch this week, putting the club’s future and the club’s ability to participate in the Premier League next season in jeopardy.
One of the bidders to acquire Chelsea, Lord Sebastian Coe, has urged the club to complete its takeover as soon as possible. This was after their sale encountered a hitch this week, raising doubts about their capacity to participate in the Premier League next season.
Chelsea’s tumultuous few months got a new chapter on Tuesday when it was revealed that owner Roman Abramovich was breaking his commitment to write off the club’s £1.6 billion debts.
Last week, the club informed Whitehall that they wanted to change the manner the Premier League team is sold, prompting government suspicions that Abramovich would profit from the deal.
The UK government sanctioned Abramovich earlier this year because of his alleged ties to Russian President Vladimir Putin, who oversaw the brutal invasion of Ukraine.
Any situation in which Abramovich stands to profit from the takeover would be a violation of the penalties, causing the club’s sale to be postponed, putting Chelsea’s future in peril.
Lord Coe, wants the best for the club as a lifetime supporter. However, he is concerned that any further delay might have serious ramifications at Stamford Bridge.
‘I joined Martin’s bid with one simple concept – I’m a Chelsea supporter of over 50 years,’ he said. ‘In 1967, I was in the ground; I was born near the ground and still live there. For me, it was always about having the best possible ownership for the club, one that recognized one simple fact: you don’t really own a club; you’re the stewards of a community sports organization. Right now, the one thing I’m hoping for is a quick set of remedies to this.’
‘As someone who has been active in sports, there is a vacuum here if we aren’t careful, and it will affect the players – and it will certainly affect the coaching.’ There’s an issue when you’re sitting in a stadium where you’re frequently 10,000 spectators short because you can’t sell seats.’
‘The remainder of the judgments must be made correctly; there is a process in place, and this is a one-time event.’ In these circumstances, you don’t see clubs being sold, so the government will have to be very clear about what it wants out of this.’
Lord Coe and Broughton had promised to ‘invest in the club in order to keep it at the pinnacle of European football,’ promising an ‘instant commitment to investing in players, new team facilities, and new commercial opportunities.’
Should Boehly’s offer fall through, a last-ditch £4.25 billion deal from Sir Jim Ratcliffe is expected to be considered, but the current uncertainty surrounding the club is raising doubts about their near future.