Could Chelsea get $4 Billion in Record time?

Russian oligarch and Chelsea F.C. owner Roman Abramovich formally announced he would sell the team on Wednesday, with Raine Group — the bank handling the sale — asking for “indicative offers” to be in by Friday.

The PA news agency reported Abramovich has received several serious bids in the $4 billion range — he has turned down $3 billion offers in the past. Goal reported that Abramovich, worth around $12.5 billion, is looking to sell his U.K.-based assets quickly before sanctions take hold following Russia’s invasion of Ukraine.

“I and three other people received an offer on Tuesday to buy Chelsea,” Swiss billionaire Hansjorg Wyss said. Los Angeles Dodgers and Lakers part-owner Todd Boehly is reportedly the first major partner of Wyss’ consortium.

Chelsea’s Change

While Chelsea is worth around $3.2 billion, the team is also roughly $2 billion in debt.

• Abramovich said on Wednesday that he “will not be asking for loans to be repaid.”
• His team will also set up a “charitable foundation where all net proceeds from the sale will be donated” for the benefit of victims of the war in Ukraine. He is reportedly looking for around $2.66 billion to donate.
• On Thursday, the U.K.’s Charity Commission said it hadn’t received a registration application for the charity Abramovich described.

Premier League chief executive Richard Masters said that the quickest sale the league has ever done is in 10 days, but “that’s not to say that record can’t be beaten.”