Bloomberg: Abramovich willing to sell Chelsea for 3 billion pounds

Bloomberg: Abramovich willing to sell Chelsea for 3 billion pounds
Roman Abramovich Photo: Anton Novoderezhkin / TASS

The businessman is yet to receive good offers.

Billionaire Roman Abramovich is willing to sell the Chelsea football club because of his issues with the British visa and possible consequences of the US sanctions, Bloomberg reports with reference to sources familiar with the situation. The oligarch wants at least 3 billion pounds (3.5 billion dollars) for the club.

According to the agency, Abramovich rejected offers to sell Chelsea for 2.3 billion dollars, despite it would have been a record deal for the sports teams.

Earlier this year, the billionaire turned to the New York-based bank Raine Group LLC for advice on a possible full or partial sale of the club. According to the billionaire’s friends, he "would not be happy" if circumstances compelled him to sell Chelsea.

The agency's sources close to Abramovich claim that he began restructuring the assets for protection in the event that the US initiates personal sanctions on him. In September, the businessman and his partners transferred Evraz shares to other companies. It was then that Abramovich sold a 0.05% stake in Crispian Investments Ltd, the owner of a stake in Norilsk Nickel, to his long-time partner David Davidovich. This reduced the oligarch’s share in Crispian to 49.95%, which should protect the company from the new sanctions if Abramovich gets affected.

In May, Abramovich received an Israeli citizenship, although we do not know as to when he had applied for the passport. The billionaire had sponsored the Jewish community in Russia and invested in Israeli start-ups. The citizenship allows the oligarch to enter the UK and stay there for up to six months without a visa.

Tags: Oligarchs
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