Chelsea sale is back ON

Chelsea sale is back ON. image: creative commons

The sale of Chelsea football club is back on after Roman Abramovich and the British government agree a deal

The sale of Chelsea football club is back on, according to The Daily Telegraph. This is allegedly the result of a deal being agreed upon in a tense meeting between Roman Abramovich’s representatives, Chelsea,  and British government officials today, Friday, March 11.

It is believed that the 55-year-old Russian billionaire owner has instructed The Raine Group to go ahead with their original process of finding him a buyer for the Stamford Bridge outfit. The merchant bank apparently has a deadline of next Tuesday 15 by which to collect concrete offers to complete a quick takeover.

The use of funds raised by any sale, as well as the buyer themselves, will first require authorisation from on high it is reported.

Sanctions had been imposed on Abramovich yesterday, as a result of his alleged relationship with Vladimir Putin. His assets were frozen, including his football club. He had been in the process of seeking a potential new owner for the club when the sanctions hit him.

The Russian has spent 19 years in control of Chelsea, but Putin’s invasion of Ukraine derailed his ownership. The Blues had even been left facing the prospect of running out of money within a few weeks after all their outlets for making money were completely frozen.

It now remains to be seen what materialises, but with Tuesday only a few days away, something needs to happen pretty quickly. There are thought to be three consortiums interested in purchasing the current European champions, each led by Americans.

An offer in the region of between £2billion and £2.5billion is believed to have been submitted by a group led by Todd Boehly. Woody Johnson, and the Ricketts family are also said to be in the frame.

Nick Candy, the British property development tycoon was also rumoured to be contemplating making an offer, and it is thought that he will attend this Sunday’s Premier League match against Newcastle, as reported by mirror.co.uk.

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Written by

Chris King

Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

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