The race as to who becomes the new owner of Chelsea Football Club is getting interesting. From four potential bidders, now narrowed to two big and likely bidders as Egyptian billionaire Loutfy Mansour pulled out of the race.
Russian billionaire and owner of Chelsea Football Club, Roman Abramovich, is looking to sell the club for a fee worth over £3billion.
Abramovich has loaned Chelsea Football Club £1.5billion since he bought the club in a £140million deal in 2003. Chelsea’s latest accounts show a turnover of £416 million and a loss of £145m after tax for the year to 30 June 2021.
“In the current situation, I have therefore decided to sell Chelsea football club, as I believe this is in the best interest of the Chelsea Football Club, the fans, the employees, as well as Chelsea’s sponsors and partners.
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“The sale of Chelsea Football Club will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid. This has never been about business or money for me, but about pure passion for the game and Club, ” Abramovich said.
Abramovich has put Chelsea Football Club up for sale following Russia’s invasion of Ukraine and questions regarding his links with President Vladimir Putin, which he denies.
News from England points to one of Switzerland’s richest men Hansjorg Wyss. and American billionaire Todd Boehly, both confirmed their interest in buying Chelsea football club.
Egyptian businessman Mansour, who is also a Chelsea season ticket holder, addressed reports linking him with the club and stated he will not pursue ownership of the west Londoners.
“In light of the recent media speculation, we want to make it clear that we are not pursuing a bid for Chelsea Football Club at this time,” A spokesperson said.
Abramovich has appointed US bankers Raine Group to find a buyer with a reported deadline of March 15.
Abramovich looks set to receive his first official offer before the end of the week from Boehly, who owns a stake in the LA Dodgers, and Wyss, who are weighing up a £2bn swoop.
Two other groups are also considering a bid and Jim Ratcliffe, one of Britain’s richest men who is worth around £6bn, could lodge a proposal via his Ineos empire.
Abramovich has handed “stewardship and care” of the club over to Chelsea’s charitable foundation.
The billionaire announced that proceeds from the sale of the club will go to victims of the war in Ukraine.
Although there are fears the net proceeds could be sent to Putin’s troops.
Abramovich announced earlier to sell Chelsea Football Club: “I would like to address the speculation in media over the past few days about my ownership of Chelsea FC.
“As I have stated before, I have always taken decisions with the Club’s best interest at heart.
“In the current situation, I have therefore decided to sell the Club, as I believe this is in the best interest of the Club, the fans, the employees, as well as the Club’s sponsors and partners.
“The sale of the Club will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid. This has never been about business nor money for me, but about pure passion for the game and Club.”
The Russian says his team will set up a charitable foundation, with all proceeds of the sale will be donated.
He said: “All money raised will benefit all victims of the war in Ukraine.
“This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery.
“Please know that this has been an incredibly difficult decision to make, and it pains me to part with the Club in this manner. However, I do believe this is in the best interest of the Club.
“I hope that I will be able to visit Stamford Bridge one last time to say goodbye to all of you in person.
“It has been a privilege of a lifetime to be part of Chelsea FC and I am proud of all our joint achievements.
“Chelsea Football Club and its supporters will always be in my heart.
Abramovich is prepared to do a deal within days if he gets the offer he wants with the threat of UK Government sanctions hanging over his head in the wake of Russia’s invasion of Ukraine.