FSA probe Chelsea shareholdings

Roman Abramovich’s takeover of Chelsea should continue unhindered despite today's announcement that the Financial Services Authority are “conducting enquiries”.

The Stock Exchange’s takeover panel issued a statement this morning revealing the FSA are looking into “the nature and status of certain shareholdings in Chelsea Village plc in the period preceding the announcement of the bid” by Abramovich.

However, the statement added that the takeover panel understood the enquiries were “unconnected to Chelsea Limited,” the company set up by Abramovich to buy out chairman Ken Bates.

That means the formalities of Abramovich completing his takeover of Chelsea should not be delayed.

Enquiries of this nature are not uncommon in takeover cases and should “matters come to light”, the takeover panel will conduct their own enquiries “at the relevant time”.