The ManicaPost
“THE first thing I would say is we have to treat this with an element of caution. Just because Roman Abramovich says he wants to sell Chelsea doesn’t mean he is going to be allowed to do so. It’s all about what the UK government decides to do in the coming days and weeks.
“If he’s sanctioned, and his assets are frozen, he will not be able to do anything. Having said that, this is still an extraordinary statement. He says he’s taken the decision to sell Chelsea, he says that he believes it’s in the best interests of the club and the supporters if he sells the club now — he says it’s not going to be a fire sale, it’s not going to be fast-tracked, he’s going to follow due process — and remarkably he says he’s not going to be asking for his loans to the club to be repaid.
“He’s put £1.5 billion into Chelsea since he bought the club. He’s willing to write that money off; he says it’s never been about business and money, the reason he wants to sell is because of his love of the club, and he goes on to say he’s instructed his team to set up a charitable foundation and the net proceeds from the sale will go towards the victims of the war in Ukraine.
“Bear in mind he bought Chelsea 19 years ago in a deal worth about £140 million, and he’s asking for £3 billion to sell — so the net proceeds would be just under £2.9 billion, and he’s saying that money would all go towards all the victims of the war in the Ukraine to provide critical emergency care, support emergency needs and support long-term recovery work.
“18 days ago, Roman Abramovich was on the pitch in Abu Dhabi as Chelsea became world champions. He was holding the trophy — Chelsea had reached the pinnacle of world football.
“Fast forward to now, and he’s basically giving the club away. What’s changed? Russia have invaded Ukraine, the UK government have indicated they’re going to crack down on any Russian oligarchs who have assets in the UK who are associated with the Russian government or president Vladimir Putin.
“Labour MP Chris Bryant has used Parliamentary Privilege to read from a leaked Home Office document which he said stated Abramovich had been involved in corrupt practices.
“He said yesterday in Parliament that Abramovich was terrified of sanctions, and was going to sell his house, apartment and assets in London. Chelsea are his biggest asset — two weeks ago, before the Russian invasion, this would’ve been unthinkable – but because of what Vladimir Putin has done, he’s being forced essentially to sell Chelsea.”
£3 billion price tag to buy Chelsea?
Abramovich has slapped a £3 billion price tag on Chelsea as he prepares to end his near-two decade ownership of the London club, according to Sky News.
Sky News has learnt Abramovich’s advisers at The Raine Group were expected to issue letters to prospective bidders on Wednesday, with a deadline set for indicative bids in mid-March.
Sources close to the process said as many as eight multi-billionaires were being sounded out about their appetite to buy the club at a time when Abramovich faces the possibility of being sanctioned by the UK Government after Russia’s invasion of Ukraine.
The Russian is said to have turned down an offer of £2.5 billion for the club from an unidentified third party earlier this week, with bids of £3 billion or more expected to be taken seriously.
Among those who have expressed an interest in buying Chelsea in the past are the Ineos tycoon Sir Jim Ratcliffe and Todd Boehly, an American businessman, although it was unclear whether either remained interested in a deal.
Several of the parties contacted by Raine are understood to be from the US, with others from Asia.
Who could put together deal to buy Chelsea?
However, Sky Sports News’ chief reporter Kaveh Solhekol does not believe the process to sell Chelsea will be an easy one.
He explained: “For the first time since Abramovich bought Chelsea 19 years ago, he’s willing to listen to offers for the club.
“On Saturday, we saw him try to give up control of the club and hand it over to the Chelsea Foundation trustees. That has proven to be much more difficult than he thought it would be and selling the club in the current climate is going to be much more difficult than maybe he imagines it’s going to be.
“It’s very significant that Swiss billionaire Hansjorg Wyss has come out and said that Abramovich is basically desperate to sell the club. We’ve also heard from Chris Bryant MP, who used parliamentary privilege to say Abramovich is terrified that he is going to be sanctioned by the UK Government.
“According to Bryant, Abramovich wants to sell his house in London, sell another flat and that was apparently going to happen today. If Abramovich is trying to dispose of all of his UK assets, it’s obvious that he would dispose of Chelsea as well.
“The only issue is — who could buy Chelsea at the moment? Who could put a deal together? Because any prospective buyer is going to be thinking ‘this is a person, Abramovich, who could be sanctioned by the UK Government at any moment. His assets could be frozen. Is this someone I want to do business with at the moment?’.
“Abramovich himself has always said that he believes he has not done anything that warrants him being sanctioned by the UK Government, but for the first time in 19 years, Abramovich is willing to listen to offers for Chelsea.
“But selling Chelsea at the moment is going to be just as complicated as trying to hand over control to the club to the Chelsea Foundation trustees.”—Skysports.
