Chelsea: Club sale 'by end of month' possible after positive talks

Roman Abramovich has owned Chelsea since 2003

The American investment firm tasked with selling Chelsea expects a sale could happen by the end of the month after positive conversations with the UK government.

But after an agreement that the sale would be approved by government and sale funds would go to a charitable organisation, there is confidence the amendment will now be granted.

The government issued a special licence to allow the club to continue operating after freezing Abramovich's assets, citing his links to Russian President Vladimir Putin.

However, under the original terms of the licence, the club cannot be sold.

The deadline for bids has been extended to Friday 18 March, with more than 20 credible parties interested.

Any sale would also be subject to the Premier League's owners' and directors' test.

Premier League chief executive Richard Masters said earlier this month: "The quickest one we've done is 10 days, but that's not to say it can't be beaten."

He added: "Normally it's a matter of weeks but it depends on the complexities and the number of potential owners."

American investment firm Raine Group issued a letter to potential buyers on Saturday assuring investors that it would be "moving forward with the sale process".

It added: "We understand that the successful closing of the sale of Chelsea football club will require a special licence to be approved by the UK government, approving both the source and use of funds.

"We will work with authorities in the UK to obtain that licence in connection with any transaction."

All parties are keen for a sale to proceed as soon as possible, given that Chelsea's monthly wage bill is £28m and the government's licence has effectively stopped match-day revenue, leaving Chelsea in an uncertain financial situation.

On Friday, the club's credit cards were temporarily suspended while banks assess the implications of the sanctions imposed on Russian billionaire Abramovich, while Three has suspended its shirt sponsorship with the club.

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