Abramovich sale of Chelsea could take place next week, says Premier League
The Premier League has welcomed Roman Abramovich’s decision to sell Chelsea and indicated that a takeover could be completed as soon as next week.
Chief executive Richard Masters called it the “right solution because the position was unsustainable” given Russia’s invasion of Ukraine.
“It’s the right decision. The situation escalated incredibly quickly,” Masters told the Financial Times Business of Football Summit. “The sooner the sale process completes, the sooner everyone has certainty.”
Abramovich has hired US bank the Raine Group to find a buyer for Chelsea amid continued pressure on the UK government to freeze his assets.
Masters said the Premier League could facilitate a quick sale, so long as it came before any possible sanctions were levied.
“I think the quickest one we’ve ever done is 10 days,” he said. “That’s not to say it can’t be beaten, but normally they take a number of weeks. It depends on the complexity of the information.”
On whether Abramovich could sell Chelsea if sanctioned by the government, Masters added: “I don’t think that will work.”
Abramovich bought Chelsea in 2003 in a deal worth £140m and is said to be seeking £3bn to sell a club his spending turned into one of the biggest in the world.
He has said he will not demand repayment of £1.5bn in loans and has pledged to donate the “net proceeds” of a sale to a new charity for victims of the war in Ukraine.
Former Sport Secretary Tracey Crouch, who chaired a fan-led review of football governance, said she was not surprised at Abramovich’s decision to sell.
“I think he’s wanted to divest of Chelsea for some time but clearly what’s happening has put more of a spotlight on his ownership of Chelsea,” Crouch told the summit in London today.
“There’s been lots written in the last week about Chelsea and sanctions. No one seems to know quite what this would mean for a football fan.
“We have to navigate a way through some of these issues but always through the lens of a football fan.”