According to reports, Roman Abramovich and the UK government have reached an agreement to proceed with the sale of Chelsea.
Downing Street had initiated talks with the Russian billionaire's advisers over the terms of the sale, which No 10 is eager to complete as soon as possible, Sportsmail reported earlier on Friday.
It came after the club was granted a sporting license to continue its football-related activities, but any plans to sell the club were put on wait, as were fears that they would not be able to finish the season.
According to The Daily Telegraph, the two sides have reached an agreement that will provide the west London outfit a big boost.
A speedy sale is preferred by the government, but Abramovich would have to agree to write off loans totaling more than £1.5 billion without receiving any of the revenues. However, according to the article, Abramovich has instructed The Raine Group, the American bank that halted the transaction after the Russian was sanctioned on Thursday for alleged ties to Vladimir Putin, to resume the acquisition process. According to the same source, a deadline of the end of next week - pushed back from Tuesday - has been established for potential new bidders to submit their initial bids, with Abramovich now hoping for a quick sale and Raine hoping for greater interest.
However, according to The Telegraph, a so-called 'domesday' scenario is also a possibility that could materialize if Abramovich is unable to sell and the sporting license is not altered to allow for more lenient terms. Nick Candy, a British millionaire, has indicated in recent days that he is still interested in buying the club. The 49-year-old property developer is a Chelsea supporter who plans to attend the club's Premier League home match against Newcastle on Sunday, and has promised to put fans at the heart of his plans for the club, which will be co-funded with American investors.
Candy's representative told Sportsmail, 'We are reviewing the circumstances of the announcement and we are still interested in making a proposal.'
'Clearly, all Chelsea fans are through a period of considerable uncertainty. In our view no one is the owner of a football club - you are the curator of it for the fans and the community.' Candy is certain that Chelsea can be operated economically despite the club suffering losses of £145m last year, through strengthening the club's brand abroad and embracing inventive new markets, as well as squeezing more income from a multi-purpose renovated Stamford Bridge. Additional buyers appear to agree, with a £2 billion-plus bid from Todd Boehly and Hansjorg Wyss still on the table, as well as strong interest from other buyers. Other buyers appear to agree, with a £2 billion-plus offer from Todd Boehly and Hansjorg Wyss still on the table, as well as substantial interest from Chicago Cubs owner Tom Ricketts and New York Jets owner Woody Johnson.
While Chelsea's assets were not frozen after Abramovich's assets were frozen on Thursday, the sales procedure is likely to resemble that of clubs that have been placed in administration.
Job losses are expected, not least since many Chelsea employees are no longer allowed to work because the club's merchandising and ticketing activities have been shut down. It comes after Chelsea sponsors Trivago announced their commitment to the club, stating that "continuing to support the club is crucial to us."
However, the club is facing a player exodus, with Reece James attracting interest from Manchester City and Real Madrid. According to reports, Chelsea's bank account had been momentarily halted by Barclays, who sought to assess the sporting license they had been given.
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