The American private equity firm financing the preferred bid to buy Chelsea Football Club will take a reduced stake in the Blues under a restructured deal that it wants to finalise within days
However, the government is seen as being unlikely to issue the licence required to implement the sale unless the loan is dissolved, causing renewed anxiety about Chelsea's ability to operate beyond the expiry of its current licence at the end of May.
Ineos has done none of the due diligence or contractual work undertaken by the other three bidders during a frenzied two-month period, while Sir Jim's claim to be the only British bidder has attracted derision given that he left the UK to live in Monaco several years ago. Sky News revealed at the weekend that two separate licences are likely to be issued by the government if the issues relating to the loan can be resolved: one to implement the transaction itself, and the other to release the proceeds of the sale.
By clinching preferred bidder status, the Boehly-Clearlake group has committed not to sell a controlling stake in Chelsea for at least a decade.
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