Chelsea takeover: First contract in £4billion deal 'to be signed on Friday'

Chelsea are in the process of a multi-billion pound takeover after Roman Abramovich put the club up for sale following Russia’s invasion of Ukraine and Todd Boehly is the favourite

Todd Boehly has high hopes of signing the first contract ahead of his prospective £4billion takeover of Chelsea from Roman Abramovich.

The Blues are in a race against time to find new owners before the start of next season after being put up for sale following Russia’s invasion of Ukraine. Abramovich was subsequently sanctioned by the UK government over his alleged links to Vladimir Putin.

It has had a huge knock-on effect at Stamford Bridge where they cannot sell tickets to fans, negotiate transfers or renew contracts of their players. They were only allowed to continue operating as a football club due to a special license granted by the UK government.

Abramovich has since decided to sell the club and a large-scale search for a new owner has been narrowed down to one choice by the Raine Group, who have been handling the multi-billion pound transaction. LA Dodgers co-owner Boehly has been selected as the preferred bidder giving him the right to hold exclusive negotiations.

According to the Telegraph, Chelsea executives will formally name Boehly to ministers as they seek an amended license of sale. That could be completed within the government’s imposed deadline of May 21. Though the American businessman reportedly has plans to sign the first contract on Friday.

The Premier League has carried out background checks on Boehly’s consortium, which includes funding from Clearlake Capital, Jonathan Goldstein and Hansjorg Wyss. Despite the fact that the sale will amount to £4bn, there is confidence on all sides that a deal can be concluded quickly.

However, it will first require Boehly to sign a purchase agreement which will be offered over the next 24 hours. A potential hiccup arrived when reports emerged that Abramovich was digging his heels in over a £1.6bn loan but the Russian has issued a statement rubbishing those claims.

A statement on Chelsea’s website read: “Mr Abramovich has not asked for any loan to be repaid to him – such suggestions are entirely false – as are suggestions that Mr Abramovich increased the price of the Club last minute.

“As part of Mr Abramovich’s objective to find a good custodian for Chelsea FC, he has however encouraged each bidder throughout this process to commit investing in the Club – including in the Academy, Women’s team, necessary redevelopment of the stadium as well as maintaining the work of Chelsea Foundation.”