THE sale of Chelsea Football Club has been completed, in a £4.5 billion deal in which Jersey authorities ‘worked closely’ with the UK.
The takeover bid for the London club – which was put up for sale by now-sanctioned oligarch Roman Abramovich following the invasion of Ukraine by Russia – was finalised this week, having previously gained UK government approval and assurances that proceeds would go to supporting humanitarian causes in Ukraine and that the oligarch would not seek repayment of loans linked to the club.
The Island’s significant financial ties with Mr Abramovich – who was offered housing qualifications in 2018 – were revealed by the JEP recently in the form of an outstanding £1.5bn loan to Fordstam – the parent company of Chelsea – from Camberley International Investments, a firm registered in St Helier which is believed to have links to Mr Abramovich.
It was reported last month that the sale of Chelsea FC was thrown into doubt by this loan, after concerns were raised at the time that Mr Abramovich might go back on a promise to write off the debt.
A statement released previously by Jersey’s government said they had ‘worked closely with UK partners in relation to the sale of Chelsea Football Club’, adding that ‘consents in relation to sanctions have been issued by the appropriate Jersey authorities’ and no further statements would be made.
The takeover bid was led by LA Dodgers co-owner Todd Boehly and Clearlake Capital.
In a statement released this week, Chelsea FC’s board of directors said that the sanctions presented a ‘unique and unforeseen challenges to the sale process’.
