June 24, (THEWILL) – As part of the due diligence procedure that has been carried out since the swiftly concluded transaction, Chelsea has informed Her Majesty’s Revenue and Customs (HMRC) and the FA of a tax concern.
Her Majesty’s Revenue and Customs is a non-ministerial division of the UK government in charge of tax collection, the disbursement of certain types of government assistance, the management of other regulatory frameworks, such as the national minimum wage, and the issuance of national insurance numbers.
Due to the urgency with which the takeover had to be executed, the consortium led by Todd Boehly had previously deducted £100 million from the ultimate purchase price to account for any unanticipated costs or liabilities.
Now, an “area of concern” has been found. The issue is allegedly related to the £100 million that has been withheld, but any costs would only be a “fraction” of that. Due to the unpaid tax, departing director Marina Granovskaia might possibly forfeit some of her £20 million sale bonus.
The FA is reportedly keeping an eye on the situation, and HMRC has not responded. The total cost of the Chelsea takeover came to £4.25 billion, with $1.75 billion of that amount committed to future investments in the team, including the renovation of Stamford Bridge.
The $2.35 billion net revenues from the sale will be given to those who have suffered because of the war in Ukraine.
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Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
