One of the most successful and valuable professional sports franchises in the world could potentially be changing hands.
Roman Abramovich, a Russian oligarch who owns Chelsea FC (and also a not-insignificant sum of New York City real estate), stepped aside from his ownership responsibilities over the weekend in the wake of Russia’s invasion of Ukraine.
While outward messaging has been that Abramovich has no intention of selling the team, The Telegraph in the UK is reporting that at least three bids for the organization are coming in this week, and that Abramovich would consider selling “for the first time.”
“Chelsea have previously insisted the club is not for sale, but the mood from the outside at least is changing and there is a feeling that Abramovich could be left with no other option, with his resolve to hang on to the club to be tested,” the report said.
It’s possible that Abramovich will be sanctioned in the UK, and have his assets frozen. If he does get sanctioned, this would cause a potential snag in bidders’ ability to buy the team from him.
Forbes valued Chelsea at $3.2 billion last April, but it’s conceivable the club could go for even more than that.
Under Abramovich, who bought the team in 2003, Chelsea has been immensely successful. Since then, they have won five championships in the English Premier League, and twice won the Champions League — where they are currently the defending champs.