The sale of Premier League club Chelsea to a consortium led by Los Angeles Dodgers part-owner Todd Boehly has yet to be approved by the British government.
Roman Abramovich, the incoming Russian owner, is not allowed to profit from the sale because he was sanctioned and his assets were frozen following the invasion of Ukraine because of his ties to President Vladimir Putin.
To approve the buyout, the government will need to update Chelsea’s license, allowing her to continue operating as a business.
The club was put up for sale in March, and on May 6, Boehly’s group was chosen as the new owner after a quick process.
The club’s license expires on May 31, and if no agreement can be reached on the structure of the sale, the club will be forced to close.
Chelsea released a statement this month from an unnamed Abramovich spokesperson saying he would not seek repayment of £1.6 billion ($2 billion) in loans.
The government still wants those funds held in a frozen account until it is certain they will be donated.
Abramovich said he hopes the proceeds of the £2.5 billion ($3.1 billion) sale will go to charitable causes, after previously stating that they would help victims of Ukraine’s war.
The government wants guarantees that Abramovich will have no say in the foundation’s selection.
