Is Chelsea F.C. about to run out of cash? The banks suspend credit

With the sudden exit of Russian billionaire Roman Abramovich, banks are nervous as to what the future holds for the famous club

Chelsea officials are in talks with the UK government to discuss how the club can continue to pay staff, operate Stamford Bridge on match days and ensure the club can be sold.

The UK government have given the green light for Chelsea to be sold as the sale process is set to resume despite Roman Abramovich being sanctioned.

However, there have not yet been any formal bids made to buy the club from Abramovich.

It remains to be seen as to who will be the next owner of the club following Abramovich but Chelsea will be keen to get a deal done swiftly.

UK gives sale go-ahead

Billionaires interested in buying Chelsea Football Club have been told to approach the UK government with potential takeover proposals.

Abramovich was one of seven Russians with close links to Vladimir Putin that the government added to the sanctions list in a move designed to dramatically increase pressure on the Kremlin.

Chris Philp, the digital and technology minister, says Abramovich will be prevented from selling the club but potential buyers could approach the government with proposals to buy the club as long as the Russian oligarch would not benefit from the deal.

“As the licence conditions are written today, the sale would not be allowed,” Philp told Sky News.

“However, if a buyer emerged it would be open to that buyer or to that football club to approach the government and ask for the conditions to be varied in a way that allows that sale to take place.

“To be clear, no proposal would be accepted which saw the proceeds from any sale ending in an unrestricted bank account owned by Abramovich. He can’t benefit from the proceeds of any sale.”