Abramovich puts £2 Billion-worth Chelsea FC up for sale

Sports

£2billion-worth Chelsea Football Club has been reportedly put up for sale by Russian owner and billionaire, Roman Abramovich.

According to Daily Mail, Abramovich has hired the services of a New York bank, Raine Group to aid the selling of the English football club.

The Sunday Times reported that Raine Group valued Chelsea FC at a staggering £2billion after the bank’s services were employed by Abramovich.

ALSO READ: Chelsea not title contenders despite super start for Sarri

It was further reported that Chelsea management has engaged their advisors ahead of the sell-off.

Chelsea‘s advisors helped another English Football club, Manchester City, sell a 13 percent stake in the club to China Media Capital for £265m in 2015.

Guiding Chelsea to last season's FA Cup was not enough to prevent the club ending Antonio Conte's contract prematurely with one year to runplay

Guiding Chelsea to last season’s FA Cup was not enough to prevent the club ending Antonio Conte’s contract prematurely with one year to run

(AFP)

 

Modalities of club’s sale unsure

According to Daily Mail, the modalities of Chelsea FC‘s sale is yet to be disclosed or clear to anyone.

It further reports that it is unclear whether the newly employed advisors would look for new owners to buy off Chelsea or to sell a stake in the club to interested organisations.

Chelsea's new manager the chain-smoking former banker Maurizio Sarri says it will take time to make changes to the team's playing style but he will keep all the good things predecessor Antonio Conte introducedplay

Chelsea’s new manager the chain-smoking former banker Maurizio Sarri says it will take time to make changes to the team’s playing style but he will keep all the good things predecessor Antonio Conte introduced

(AFP)

Abramovich bought Chelsea FC in 2003 for £140m but has taken the club to various heights – winning 15 trophies in 15 years.

ALSO READ: Profile of new Chelsea boss, Maurizio Sarri

The football club enjoyed a long spell of success since Abramovich’s complete takeover in 2003.

Victor Mosesplay

Victor Moses with the FA Cup trophy

(Darren Walsh/Chelsea FC via Getty Images)

Chelsea FC became the first London club to the win the Champions League in 2012 and also earned five of their six league titles within the same frame of time.

The move to sell off Chelsea or stake in the football club is coming at a critical time when the wealth of clubs such as Manchester City and Paris Saint Germain is considered overwhelming.

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