Abramovich confirms Chelsea sale as sanctions net tightens

Roman Abramovich has confirmed that he intends to sell Chelsea FC. The Russian oligarch added that he will write off a personal loan to the club of more than £1.5m and will donate net proceeds from the sale to victims of the war in Ukraine. Abramovich is hoping that the sale will meet his valuation of £3bn and has handed an exclusive mandate to Raine Group, the New York-based merchant bank, to find a buyer, with non-disclosure agreements due to be sent out to potential bidders imminently. It is believed that Abramovich is being given time to sell Chelsea before he is placed under sanctions, to avoid disruption to the club. He is also thought to be selling his £200m London property portfolio at the same time. Ineos owner Sir Jim Ratcliffe, Swiss billionaire Hansjorg Wyss and US billionaire Todd Boehly are thought to have been approached to buy the club. Whoever buys it will have to think seriously about the plan to redevelop the stadium, which is projected to cost £1bn. Everton FC has also come under pressure to sever all links with Alisher Usmanov, the Russian oligarch whose funding is crucial to the club’s plans for a new £500m stadium. Yesterday it suspended commercial relationships with Usmanov’s companies, USM Holdings, MegaFon and Yota. Usmanov has had his assets frozen by the EU and his $600m yacht has reportedly been seized by authorities in Hamburg. The Times (£) and The Times (£) The FT (£) and The FT (£) The Guardian Daily Mail