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Abramovich prepares to put Chelsea up for sale

Roman Abramovich prepares to put Chelsea up for sale

August 25, 2018 By Emmanuel K. Budu-Annor
The Russian business man is looking to cash in on the London club.

Chelsea's owner Roman Abramovich is reportedly making preparations to put the club up for sale. According to the Sunday Times, the 51-year-old business man has hired New York bank Raine Group to lay the groundwork for the sale of the club.

The firm is believed to have valued Chelsea at £2 billion. Meanwhile, the Stamford Bridge outfit has already started seeking the counsel of the club's advisors who, back in 2015, assisted Manchester City to trade a 13 per cent stake in the club to China Media Capital.

Nonetheless, what currently remains anonymous is whether Abramovich will sell the club outright to new owners or is only interested in selling a stake in it. Having acquired the London club for £140 million in 2003, the Russian has overseen his investment multiply over the years with the team enjoying great success in both the domestic and European front.

Since 2004, Chelsea has notably won five English Premier League titles, a UEFA Champions League trophy as well as the Europa League. With the club ushering into a new era under Maurizio Sarri, the stance taken by the club owner is subtly perceived as odd although it does not come as a surprise.

Back in May, Abramovich vetoed a £500 million expansion of the Stamford Bridge after he was faced with difficulties in renewing his UK visa. This came as a result of the sanctions placed on Russia by the United Kingdom in connection to the Salisbury poisoning where a former Russian military officer and double agent for the UK's intelligence services and his daughter almost lost their lives.

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