![\"GETTY](\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/05\/image_2022-05-17_070714432-696x392.png\" "\\"Todd")
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Ministers are worried a \u00a34.25bn deal to buy Chelsea may be at risk of \u201cfalling apart\u201d due to a lack of consensus with the club over the proceeds of any sale, the BBC has learned.<\/p>\n
According to a UK government insider, there is now \u201calarm\u201d in Whitehall that the takeover of the European champions could be \u201ctimed out\u201d if deadlines are not met.<\/p>\n
Chelsea\u00a0have agreed terms on a deal\u00a0with a private-equity funded consortium led by US investor Todd Boehly, co-owner of the LA Dodgers baseball team.<\/p>\n
The club was\u00a0put up for sale\u00a0before owner Roman Abramovich\u00a0was sanctioned\u00a0for his alleged links to Russian president Vladimir Putin following the invasion of Ukraine.<\/p>\n
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However a senior Whitehall source revealed there was now \u201cserious concern\u201d that the oligarch was \u201cwilling to let Chelsea go under\u201d over an alleged \u201crefusal to agree to a sale structure that gives ministers confidence that proceeds would go to a good cause\u201d.<\/p>\n
The government version of events was disputed by sources close to Abramovich when approached. Chelsea have also been approached for comment.<\/p>\n
Chelsea are operating under a special licence from the UK government which expires on 31 May, and any takeover requires the approval of ministers and the English football authorities.<\/p>\n
Abramovich\u00a0has said he has not asked for a \u00a31.6bn loan\u00a0to Chelsea to be repaid when the club is sold. Earlier this month a spokesperson for the billionaire confirmed he \u201cremains committed\u201d to making sure the proceeds from the sale \u201cgo to good causes\u201d.<\/p>\n
In\u00a0a statement\u00a0put out by Chelsea on 5 May, the Russian\u2019s spokesperson said money from the sale of the club would be \u201cfrozen and subject to a legal procedure governed by authorities\u201d, they added \u201cthere funds are still earmarked\u201d for a charitable foundation.<\/p>\n
\u201cTo be clear, Mr Abramovich has no access or control of these funds and will not have any access or control of these funds following the sale.\u201d<\/p>\n
However, the government insider said approval was being hindered by the club\u2019s \u201ccomplicated\u201d ownership structure, with parent company Fordstam Ltd owing \u00a31.6 billion to Jersey-based Camberley International Investments, a company with suspected links to Abramovich.<\/p>\n
\u201cTwo big sticking points remain \u2013 where exactly the proceeds of the sale will be held, and what legal guarantees government will be given about the money going to good causes,\u201d they said.<\/p>\n
\u201cEssentially, despite committing to all proceeds going to good causes in public, Abramovich seems unwilling to give the same legal commitments, which would have backed up his public statements of about a week ago, that in the deal neither he nor his affiliates could basically try and stake a claim to that unpaid debt between Fordstam and Camberley.<\/p>\n
\u201cA deal which would allow the cash to be diverted during the deal would be a breach of sanctions and is seen as a red line for ministers.\u201d<\/p>\n
The source added: \u201cThere are deadlines at the end of this month and the start of June, which would either see the club booted out of European competition or the Premier League entirely. But a good chunk of the sale needs to be done this week or next.\u201d<\/p>\n
It is understood any sale would need to be completed by early June when the Premier League meets to grant clubs the licenses needed to compete next season.<\/p>\n
The government is understood to have proposed a two-stage process where the money from any sale would be held in a managed \u2018escrow\u2019 account, and only released once it is satisfied that a charitable foundation is ready.<\/p>\n
A source close to the Boehly consortium told the BBC: \u201cThe consortium is committed to buying Chelsea and contributing to the success of English football.<\/p>\n
\u201cThey are delighted that their plans have been accepted by the club, and welcome the constructive conversations they\u2019ve had with the government and football authorities.<\/p>\n
\u201cThe proceeds of the sale are a matter for the seller and the government to resolve.\u201d<\/p>\n
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