There is joy at Stamford Bridge as the UK government seeks to reach an agreement with Roman Abramovich over Chelsea‘s £1.5 billion debt.
According to Ben Jacobs, a deal is in the works between Roman Abramovich and the DCMS to write off Chelsea’s £1.5 billion in debt and convert it to equity.
However, a sale of the west London club is expected to be completed in the coming weeks, with the reigning World and European Champions put up for sale at the start of March.
Raine Group, which is in charge of the sale, has created a shortlist of three bidders who have advanced to the next stages of the process.
According to the report, members of the UK Government will not ‘pick or influence’ Raine Group’s preferred bidder, with their role limited to licensing the club’s sale.
Raine, the merchant bank, has denied any speculation about potential delays in the takeover process, and they remain on track to select their preferred bidder by the end of April.
It was previously assumed that the shortlist of three bidders would be reduced to two, but this is no longer believed to be the case.
The top bidders for the club are Sir Martin Broughton, Todd Boehly, and Stephen Pagliuca.
According to reports, the aforementioned bidders have been asked to guarantee ownership of the club by the year 2032.