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LA Dodgers part-owner Boehly joins Wyss consortium to buy Chelsea as Abramovich sets Friday deadline

12:15 PM EST 3/2/22
Todd Boehly 2021
The Blues owner is looking to quickly sell the Premier League club as the threat of sanctions looms

Roman Abramovich's lawyers have urged interested parties to make their offers to buy Chelsea by Friday as further details emerge about prospective buyers.

Los Angeles Dodgers part-owner Todd Boehly is behind a consortium with Swiss billionaire Hansjorg Wyss, with the pair having worked together in business in the past.

The sale of Chelsea is being run by Raine Group, a New York-based merchant bank, on behalf of Abramovich, who is keen to sell his UK-based assets before any sanctions, following Russia's invasion of Ukraine, take hold.

Why is Abramovich selling so quickly?

British lawmakers are working to sanction high net-worth individuals from Russia who may have associations with the federation's President Vladimir Putin.

Indeed, the leader of the Labour Party, Sir Keir Starmer MP, is the latest to question why Abramovich hasn't already been sanctioned by the UK.

Any sanctions from the United States or European Union (EU) could also impede Abramovich's ability to move the funds of any sale of the club, with that having wide-reaching implications in the UK.

This comes after a large-scale invasion of Ukraine by Russia which has led to the worst fighting in Europe for several decades.

Abramovich confirmed that the club is officially for sale in a statement released on Wednesday.

It is believed that Abramovich wouldn't have put the club up for sale had it not been for the geopolitical events that have unfolded in the last week or so.

What has been said?

"Abramovich is trying to sell all his villas in England, he also wants to get rid of Chelsea quickly," Wyss told the Swiss newspaper Blick about bidding to takeover Chelsea on March 1.

"I and three other people received an offer on Tuesday to buy Chelsea from Abramovich. I have to wait four to five days now. Abramovich is currently asking far too much. You know, Chelsea owe him £2bn. But Chelsea has no money. As of today, we don’t know the exact selling price."

Who else could buy Chelsea?

Abramovich is seeking between £2bn ($2.5bn) and £3bn ($4bn) but people with an understanding of the situation believe the valuation will fall rapidly with each passing day.

It could lead to a 'bargain' purchase for a sports team that has won 21 titles in the last 19 years, including being the current holders of both the Champions League and Club World Cup.

There is thought to be competition for the US-Swiss bid which is Abramovich's only avenue to try and drive up the price of the sale, by encouraging a bidding war.

Those other interested parties have yet to be revealed but leaks could occur ahead of the Friday deadline.

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