Premier League clubs fear Chelsea's new owner will benefit from Roman Abramovich wiping £1.5billion debt

PREMIER LEAGUE clubs fear Chelsea's new owner will gain a 'competitive advantage' over their rivals from Roman Abramovich wiping £1.5billion of debt.

Top flight clubs met yesterday to discuss the state of play at Stamford Bridge after Abramovich was officially disqualified as a Prem director by the league on Saturday.

Executives from rival Prem teams quizzed Chelsea chairman Bruce Buck over whether Abramovich's promise to wipe the club's debt would hand them a 'competitive advantage'.

According to the Telegraph, Buck did his best to reassure rival executives that the benefits of being able to flog a debt-free Chelsea 'far outweighed' any downsides.

Buck, 76, also stressed that Abramovich would make no profit from the sale of the club.

He reiterated that money made from the deal will go to charity – although it is not yet known who in particular will benefit from the enormous sum.

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Chelsea are awaiting a new license from the government in order to complete a sale.

Their current license slapped on them last Thursday currently prohibits a deal from taking place.

Buck is insistent that the club has enough money to complete the season regardless.

American bank The Raine Group are overseeing the sale and are currently taking bids, with a deadline set for this Friday.

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A consortium headed by LA Dodgers owner Todd Boehly is currently thought to be leading the way.

Another bid worth £2.7bn is understood to have been made by the Saudi Media Group yesterday.

The Telegraph's report adds that there will be 'considerable government oversight' when it comes to the deal.

Chiefs are said to favour a 'swift sale' to a buyer that doesn't 'involve politically sensitive entities'.

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