Chelsea: Taking the Throne

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CHELSEA D-DAY BECKONS

Chelsea have moved one step closer to administration after it emerged two foreign investors pulled out of a deal to take over the club.

The Blues are edging closer to the Football Association’s deadline and are yet to enter advanced talks with any of the businesses supposedly interested, following former Chelsea owner Roman Abramovic’s departure.

Negotiations in west London are being driven by Christian Purslow and Chelsea Chairman Bruce Buck, but it seems the two failed to attract concrete interest from two potential suitors.

It had been rumoured that Chelsea had appealed to a private group of American investors named Sports Excellence Ltd., with interest from the United Arab of Emirates and a far-east consortium with links to the Chinese government all thought to be rivaling the California-based millionaires.

Sports Excellence, who have shares in a host of college teams across a variety of sports throughout the United States, made contact with Chelsea’s current representatives but are believed to have been turned off by the amount of investment poured into Chelsea’s wage bills and transfer fees.

Chelsea are also rumoured to have an extortionate amount of money owed, created by the departure of Abramovich, which has diverted the interest in buying the club, taking the Blues closer to administration.

Such debt is yet to be announced by the club officially, but will soon be published should the club enter administrative control, with the FA’s deadline approaching.

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CHELSEA ENTER ADMINISTRATION

The Football Association has announced that Chelsea Football Club will be under administrative control, following the departure of much-loved owner Roman Abramovich.

Chelsea failed to meet the FA’s deadline of 72 hours to find a new owner, seeing various rumoured deals break down with both American and Emirati-based businesses.

A fan-led consortium under the name of Chelsea Communications Trust attempted a late rally to assist any potential suitor with large donations from supporters but fell short in brokering a deal and, as a result, the club will now enter administration, taking on the punishments that come with it.

Those in charge of the club prior to Abramovich’s exit are likely to be hit with a fine, meanwhile the club risk omission from the UEFA Champions’ League and the Barclays Premier League, as well as a point deduction for the coming season.

The sticking point in Sports Excellence’s proposed takeover, the business company in deepest discussions with the current Chelsea board prior to the FA’s deadline, seemed to be the club’s wage bill, proving to be too much of a financial commitment in order to combat the debt left by Abramovich and remain competitive at the same time.

Under the ownership of Abramovich, the Russian oligarch worked closely with parent company Fordstam, who pumped in north of £900 million at an interest-free rate into the club’s coffers since 2003, covering most of Chelsea’s running costs.

Fordstam agreed that they would only request a repayment 18 months after Abramovich leaves, but still the prospect of paying back the loan, remaining competitive and avoiding annual losses made by Chelsea in ten of the past 11 years wasn’t a feasible task for Sports Excellence.

Chelsea await to hear the extent of their punishment in an FA announcement tomorrow, with administrators taking control of the club with immediate effect.

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FEELING BLUE

The Football Association has revealed Chelsea will be relegated straight down to the Vanarama Conference South, as a consequence of entering administration.

The fatal blow comes as Russian billionaire Roman Abramovich abandoned the club due to UEFA’s new Financial Fair Play rules and the current Chelsea board failed to find a new owner, marking the end of an era for the club from King’s Road.

Chelsea will also be hit with a 20 point deduction, with their position in the UEFA Champions’ League set to be given to another European hopeful.

As a result of Chelsea’s plunge to the sixth tier of English football, the FA has undergone an extensive reshuffle the top six leagues in England.

In an operation that sees one extra club promoted to each league from the Conference South upwards, Derby County will become the latest member of the Barclays Premier League, taking Chelsea’s slot.

Leyton Orient will make their way to the Championship after losing on penalties to Rotherham United in the Play-Off final last season at Wembley.

Burton Albion enters the Sky Bet League 1, Gateshead will join Luton Town and Cambridge United in Football League with a promotion to League Two, meanwhile Ebbsfleet Town go a step closer to the 'Promised Land' for non-league clubs by being pulled into the Football Conference.

The FA has given Chelsea until the end of the week to appeal against the punishment, with a mass exodus at Stamford Bridge looking imminent.

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