For sale: Chelsea Football Club. After 19 years, Roman Abramovich is selling up.
We look at some of the key questions surrounding this seismic moment for the Premier League club.
How quickly will Abramovich sell Chelsea?
Handing over the keys of one of the world’s biggest clubs – the current world champions, in fact – will not happen overnight, but there is every reason to believe new owners could be in place before the end of March.
Abramovich has reportedly set a 15 March deadline to receive official bids, and the process from there could take around a fortnight.
Premier League chief executive Richard Masters recently said the quickest sale the league has overseen took 10 days, adding: “That’s not to say that record can’t be beaten, but normally it takes a number of weeks.”
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Joe Ravitch, the co-founder of investment bank Raine Group LLC, has been tasked with overseeing the sale for Abramovich, and he told Reuters: “We are not going to rush anything. It is very important that Chelsea have the right owner to guide the club forward.”
Who wants to buy Chelsea? How much will it cost?
Swiss billionaire Hansjorg Wyss revealed Chelsea were up for sale before Abramovich went public himself on 2 March.
Wyss told Swiss newspaper Blick he had been approached by Abramovich and was one of four potential buyers, but added that the Chelsea owner was “asking for far too much at the moment”. Early reports suggested Abramovich wanted £4bn for Chelsea, while he is believed to be holding out for £3bn having written off £1.5bn worth of debt. Financial analysts value the club at closer to £2bn.
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It is believed Wyss is teaming up with Todd Boehly, with i revealing on Monday that the US businessman – chairman and chief executive of investing firm Eldridge Industries – is part of a consortium looking to make an offer.
Egyptian billionaire Loutfy Mansour has distanced himself from making a bid, while a spokesperson for Sir Jim Ratcliffe, the richest man in Britain, said there is “no substance” to claims he could add Chelsea to his sporting portfolio.
Why is Stamford Bridge an issue?
Chelsea’s stadium could prove to be a stumbling block regarding Abramovich’s valuation of the club.
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Stamford Bridge’s 41,837 capacity is far smaller than Manchester United’s 75,635-seater Old Trafford or Tottenham Hotspur’s 62,850-seater stadium, and the prospects of a major redevelopment appear slim.
Abramovich had wanted to expand the stadium but discontinued the project in 2018. Reigniting those plans would therefore come at the cost of any new owner, while the difficulties surrounding planning permission mean it could also prove to be a lengthy and exhausting process.
Will wiping off £1.5bn debt impact FFP?
Abramovich said he “will not be asking for any loans to be repaid”, essentially clearing the club of the £1.5bn debt that he is owed.
This will aid his sale of the club, and it could also be a reset in terms of financial fair play (FFP).
Uefa launched FFP in 2009 and one aim was to “prevent the build-up of unsustainable debt”.
Chelsea accumulating £1.5bn in debt since Abramovich became owner in 2003 could arguably be viewed as “unsustainable”, but Uefa has not taken action against the club, and similarly have not reprimanded Barcelona for their £1bn-plus debt either.
Uefa states it is down to “owners or investors to recapitalise and cover any losses”, and if Abramovich as the current owner is willing to write off the money that he himself is owed, then this may clear Chelsea not only of their debt, but also of any FFP concerns.
Will Tuchel remain as head coach?
Amid all the uncertainty above him, Chelsea head coach Thomas Tuchel is remaining “positive” and is not questioning his own future.
“I said many times that I love working in the Premier League, I love to be in England and feel the tradition and the love for sports in general and football in particular. It’s an amazing place to be,” he said on Friday.
“Chelsea is, for me, the perfect fit. I love to be here, I love everything about the club and hopefully it continues.
“There is uncertainty, but isn’t there always for a football manager? I’m used to it on different levels. This is quite the level, I have to be honest, but I am positive and hope things will end well.”
What about Bruce Buck and Marina Granovskaia?
Chairman Bruce Buck and director Marina Granovskaia are Chelsea’s key duo when it comes to the day-to-day running of the club, especially given Abramovich’s relatively hands-off approach.
It is believed both Buck and Granovskaia could follow Abramovich out the door once the club is sold, but their future will be determined by the names that come in.
The new owners could view Chelsea’s recent success as a reason for Buck and Granovskaia to stay and provide stability, but they may also want a fresh start with few or no remnants from the Abramovich era remaining.
Unless Buck and Granovskaia willingly walk, this could be the first major decision for Chelsea’s next owners.
How will transfer plans be affected?
Abramovich has consistently backed his managers in the transfer market, with more than £200m spent in 2020-21 alone before Romelu Lukaku returned for a club-record £97.5m last summer.
Clubs can ill afford to stand still in terms of recruitment, and Chelsea fans can only hope their next owner or owners are as willing to spend as Abramovich appeared to be.
The current uncertainty could also make players think twice about whether it is a good time to join Chelsea, but if there is more clarity in the summer, and providing Tuchel remains as head coach, then they should have little trouble attracting big names so long as the money is available.
Is this the end of Chelsea as a superclub?
It is certainly the end of an era, with the last trophy of Abramovich’s reign set to be the Club World Cup won in February, but Chelsea will not turn into a mediocre side overnight.
They still boast some of the world’s best players, and one of the most highly-rated coaches in the game, and with these foundations Chelsea have a platform for continued success.
The onus will be on the new owners to keep this momentum going, and also find a way of regaining the Premier League title they last won in 2017. No easy task with Manchester City and Liverpool currently a level above the chasing pack, but as Champions League holders it would take some fall for Chelsea to be disregarded as a force in Europe.
What does it mean for their rivals?
In terms of financial rivals, Manchester City may well be happily watching on as Chelsea enter a period of uncertainty. City have the spending power to outbid other Premier League teams, and if Chelsea’s new owners baulk at the negotiation table then it could be one less party to worry about – particularly with Erling Haaland available for £64m this summer as agent Mino Raiola seeks the best deal for his client.
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With City and Liverpool pulling ahead, clubs including Tottenham, Arsenal and Manchester United would love to reel Chelsea in – if not this season, then at least in the coming few years.
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