Chelsea Is For Sale, According To Roman Abramovich, Who Also Writes Off £1.5 Billion In Debt

Chelsea Is For Sale, According To Roman Abramovich, Who Also Writes Off £1.5 Billion In Debt

Roman Abramovich has confirmed that Chelsea is for sale, bowing to mounting pressure to end his ownership of the club. The Russian acted after a new call in parliament on Wednesday for him to face penalties for the invasion of Ukraine, and a group led by billionaires Hansjörg Wyss and Todd Boehly has already expressed interest.

At least one other firm, according to sources, is planning to make a bid this week. All net revenues – assumed to be the money from any sale minus legal fees – will be spent "for the benefit of all victims of the war in Ukraine," according to Abramovich.

The first sign of interest came when Swiss billionaire Wyss said that he had been invited to join a group. The 86-year-old, who is estimated to be worth £4.3 billion, has teamed up with Boehly, a part-owner of the Los Angeles Dodgers baseball franchise who is worth an estimated £5 billion. There are several additional investors involved, at least two of them are believed to be from the United States. Interested parties have until March 15 to submit formal proposals.

Since last Saturday, when he announced plans to hand over Chelsea's care and stewardship to the trustees of the club's charitable foundation, Abramovich's situation has become increasingly precarious. That move came despite calls in parliament for him to be sanctioned, with Labour leader Sir Keir Starmer being the most recent to make such a demand.

Abramovich has vigorously denied any claimed ties to Vladimir Putin or Russia, as well as any allegations that he has done anything to warrant sanctions. According to one insider, the 55-year-old has lost the will to battle due to mounting political pressure.

"I've always made judgments with the greatest interests of the club in mind," Abramovich stated. "In light of the current scenario, I have decided to sell the club because I feel it is in the best interests of the club, its fans, employees, and sponsors and partners."

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