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Sunday, April 21, 2024
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Chelsea Bidders Below $4B Valuation As More Join Fray

  • Two more potential bidders for Chelsea FC have emerged.
  • None have met owner Roman Abramovich's $4 billion asking price.
Chelsea-FC
Chelsea FC/Design: Alex Brooks

More high-profile bidders for Chelsea FC are emerging, but so far, none have reportedly met owner Roman Abramovich’s asking price. 

The Russian-Israeli billionaire wants $4 billion for the club, as he seeks to offload it before potentially facing sanctions related to Russia’s invasion of Ukraine. 

  • Philadelphia 76ers managing owner Josh Harris is reportedly considering a bid. 
  • Harris, who also co-owns the New Jersey Devils and other sports properties, would presumably need to divest from his stake in Premier League club Crystal Palace to buy Chelsea.
  • Having ties to another Premier League club also hasn’t stopped Jamie Reuben from considering a bid. 
  • The son of billionaire real estate investor David Reuben could tap his family wealth. Jamie’s brothers, Simon and David Reuben, own around 10% of Newcastle.

There are as many as 20 bidders considering the iconic club, including several sports team owners. 

Abramovich’s Asks

Abramovich said he will waive the $2 billion debt that Chelsea owes him. He is seeking an owner that will invest in the club and its venue, whether that be renovations to Stamford Bridge or a new stadium.

Abramovich, the former governor of Russia’s Chukotka region, has ties to Vladimir Putin. He participated in peace talks between Russia and Ukraine at Ukraine’s request and has said he will donate net proceeds from the sale of Chelsea to victims of the war.

U.K. Prime Minister Boris Johnson has faced pressure to impose sanctions on Abramovich.

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