Chelsea Granted £30m Funding Injection
Fordstam, the parent company of Premier League football club Chelsea, has been allowed to inject up to £30m into the club in order to remain afloat and resolve any cash flow or liquidity issues.
The move, announced by the UK Treasury, is an amendment to the special licence granted to the club enabling it to continue operating despite the government sanctions imposed on its Russian owner Roman Abramovich.
Under terms of the amendment, Fordstam is now able to inject funds for bills or player salaries. Additionally, fans are now able to buy tickets to away matches in both men’s and women’s competitions, however, the revenue will be directed to organisers of Ukraine charities.
Abramovich put the club up for sale in March. New York merchant bank Raine Group is managing the sales process and have compiled shortlist of three preferred offers.
The bid put forward by Chicago Cubs owners the Ricketts family and Los Angeles Dodgers part-owner Todd Boehly is thought to be the frontrunners to take over and an official announcement on the sale is expected soon.
