Q&A: How the Chelsea sale process works
As the deadline for Chelsea bids loom, the government will finally have to weigh in on the future of the club.
Whilst DCMS and the Treasury have so far taken a hands-off approach, the takeover process is set to enter a new period.
Who is overseeing the sale?
The US bank Raine Group is overseeing the sale and will recommend a preferred offer to the government based on the various proposals and promises put forward.
Raine will need clearance from the Premier League for whatever preferred bid it sides with before putting its choice forward to the government.
What happens with the proceeds of the sale?
It’s up to the selling party to nominate what happens with the funds. Under his sanctioning, Roman Abramovich is not allowed to receive any of the proceeds from the takeover.
It is uncertain at this point who will receive the proceeds.
What happens once the preferred bid is submitted?
Whilst Raine is handling the key elements of sale on behalf of Abramovich, it will be the Department of Digital, Culture, Media and Sport (DCMS) as well as the Treasury who will decide whether to give the new owner the greenlight.
Their analysis will be centred on the proposal put forward and ensuring these factors do not violate any sanction measures.
The consortium have already needed to provide legal undertakings to show they guarantee at least £1bn of investment in the club’s infrastructure, the academy and the women’s team if they are the ‘chosen one’.
No exact time frame has been given for DCMS to come to a decision once a preferred candidate is submitted, however because of the nature of the sale, as well as the fan interest, there is appetite on all sides to achieve a quick sale.