Russian billionaire Roman Abramovich, who is facing sanctions from the United Kingdom over his alleged ties to Russia and the invasion of Ukraine, has somewhat had to put his Premier League football club Chelsea in a parking lot. Several bidders from the United States have already expressed interest.
The final sale price, when it occurs, will likely be among the largest ever closed in the history of professional sports.
It’s all well and good for Chelsea, which as an organization has managed to accumulate around $1 billion in various financial losses since Abramovich’s ownership of the team began in 2003.
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The list of bidders is said to include big names already known to own sports teams (or big stakes in the same) in the United States. Among those named in the report are Todd Boyle of the Los Angeles Dodgers, the Ricketts family that owns the Chicago Cubs (who joined this potential deal along with hedge fund billionaire Ken Griffin), Boston Celtics co-owner Stephen Pagliuca, Joshua Harris and David Blitzer.
With big hitters like this in the mix, it’s no surprise that Chelsea have secured property bids in the $3 billion range, which would easily put the deal above the current record: the $2.4 billion sale of the New York Mets to Stephen A. Cohen in 2020.
However, if anyone involved in these bids really wants to hold the record for largest sale for a professional sports team, they better act fast, as the upcoming reported sale of the Denver Broncos is expected to be at a higher price point. In any case, an agreement is expected sometime at the end of April.
A $3 billion sale would represent a good profit for Abramovich, as he paid (at current exchange rates) about $184 million to the team in 2003. However, he is said to have given up all proceeds from the sale and not been involved in the sale in anyway. Since buying the team, Abramovich has loaned the team a total of $2 billion to keep it financially afloat — loans he now says he doesn’t intend to collect.
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