Chelsea in race against time to complete sale as issues mount - sources

Chelsea are facing a race against time to sell the club after the U.K. government insisted the transaction must be completed by May 31, sources have told ESPN.

New York-based merchant bank Raine Group, appointed by Chelsea to handle the process, last week confirmed a consortium led by Los Angeles Dodgers part-owner Todd Boehly has been chosen as the preferred bidder but a series of complications have threatened to derail the deal.

British billionaire Sir Jim Ratcliffe attempted to hijack the Boehly offer by submitting a new bid at the 11th hour. One report on Wednesday suggested Ratcliffe had been informed his offer would not be considered but he remains on standby, although a spokesman for Ratcliffe's petrochemicals company INEOS did not respond to a request by ESPN for comment.

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Sources have told ESPN that Boehly has a short period of exclusivity in which to finalise terms, thought to end in the next few days.

During those conversations, it has emerged that Roman Abramovich is exploring the possibility of seeking repayment on the £1.6 billion loan he has made to the club through a complicated structure involving Chelsea's parent company Fordstam Limited.

Fordstam is controlled by Abramovich and Chelsea's latest financial results from December state that the clubs «is reliant on Fordstam Limited for its continued support.»

However, when Abramovich was sanctioned by the U.K. government for alleged ties to Russia president Vladimir Putin, Chelsea were frozen as an asset and the oligarch was therefore not allowed to profit from