Country: Canada
No, that’s not how it works. You can’t just “forgive” corporate debt without declaring bankruptcy otherwise it’s how ALL owners would pump money into clubs to get around FFP. This is from some insane twitter theory.
That's exactly how it works.
I don't know the details, but let's assume there was a related (related to Roman) company (but not the parent of Chelsea FC) who held the debt owed by Chelsea FC; they would write off the loan (asset) and it would be a one-time hit (expense) to their P&L whilst for Chelsea who owe the money would write off the liability and record income to their P&L. This is how it would play out in practice in very simplistic terms.
How many owners would willingly pump millions (even billions) into a football club with no expectation of ever getting anything back? That's madness.