Chelsea’s Russian billionaire owner Roman Abramovich said he will sell the football club for approximately £3bn following increased pressure from the UK government to sanction oligarchs following Russia’s invasion of Ukraine (read more).
The American bank the Raine Group was appointed to handle the sale, while several reports state prospective buyers must make their offers by the end of this week.
Who are the potential buyers?
Hansjörg Wyss, Swiss billionaire - £4bn net worth
Wyss said Tuesday that he and three others were invited to bid for Chelsea but insisted Abramovich’s asking price was too high.
"Me and three others received an offer to buy Chelsea on Tuesday from Abramovich. I have to wait 4-5 days now. Abramovich is asking too much right now.
"You know, Chelsea owes him £2bn, but Chelsea don’t have the money. As of today, we don’t know the exact selling price," Wyss commented in an interview with Swiss outlet Blick.
The 86-year-old is backed by an American consortium consisting of three businessmen, according to World Today News.
He made his fortune through Synthes, a manufacturer of medical devices, and also worked in government infrastructure services, the steel industry, and sold aircraft, Goal said.
Sir Jim Ratcliffe, UK industrialist - £6.3bn net worth
Ratcliffe was UK’s richest man in 2018 when he was worth £12bn, but has declined substantially in recent years to 25th.
He became rich as a chemical engineer turned financier and industrialist, 90min said, as well as being the founder, chairman and majority owner of chemical powerhouse Ineos Group.
Todd Boehly, real estate tycoon - £4.7bn net worth
The 46-year-old US tycoon was reportedly keen on buying Chelsea in 2019 but his then £3bn offer was not sufficient for Abramovich.
Boehly became wealthy through real estate and is now the chief executive and chairman of Eldridge Industries – an American private investment firm.
Stephen Ross, US property magnate - £6bn net worth
Arguably the most controversial of the frontrunners, Ross was significantly involved in the proposal of the quickly aborted European Super League last year.
The 81-year-old, like Boehly, made his fortunes as a real estate developer and is the majority owner of Related Companies.
Why is Abramovich selling and what if he can’t?
He will sell Chelsea amid the conflict in Ukraine and the repercussions the sanctions will have on Russian oligarchs' assets.
Many have called for the billionaire to part company with the Blues since Russian president Vladimir Putin ordered his troops to invade Ukraine last Thursday.
The Russian’s affiliation with the country’s state was raised by Labour leader Keir Starmer on Wednesday, as he pressed for tighter regulations on oligarchs.
Many experts have questioned the viability of a sale given the current political state with Russia, especially considering that Abramovich has been heavily linked to the Putin regime in the past, despite denying accusations.
Abramovich runs the risk of having his European assets seized by authorities and this could occur should he fail to find a buyer.
Last week Abramovich announced he would be “giving trustees of Chelsea’s charitable foundation the stewardship and care” of the club, in order to try and avoid being seized.
This will not occur now given the club is being sold, as the sanctions issued by the West have strengthened.
His yacht may be seized, given that it's parked in European waters, with oligarchs Igor Sechin and Alisher Usmanov having already had their mega yachts seized in the last day in France and Germany respectively.