Chile buys Lion and Princess Royal instead of Cochrane

Could Chile acquire Lion and Princess Royal instead of Cochrane around 1920-21, and how would Brazil and Argentina respond?

Chile could acquire and use them, while Brazil and Argentina would probably struggle to fund a direct response and concentrate on their existing ships.

The proposed purchase gives Chile Lion and Princess Royal in place of Cochrane in 1920-21. Two battlecruisers alongside its battleship would cause concern in Brazil and Argentina, although operating the additional ships would be expensive. Chile could afford the acquisition, while its rivals would probably struggle to finance a direct response and spend more on maintaining their existing capital ships. Lion and Princess Royal no longer met the postwar expectations of the major naval powers, but they could still serve Chile effectively. Their peacetime modernization would influence the regional balance. Britain would also welcome a transfer that avoided a cash payment.