Chelsea back for sale after Abramovich strikes deal with UK

The United Kingdom has joined a number of Western nations in implementing massive sanctions against Russian businesses and individuals following the country's invasion of Ukraine. Chelsea FC owner Roman Abramovich has been gravely affected, but recent updates have revealed that he will at least be able to sell the club so that it can return to normal operations.

The assets of Russian oligarchs have been frozen in the UK, and Chelsea FC is of course part of the Abramovich estate. Last week, it was revealed that the sale of the club won't be allowed, and they won't be able to join the upcoming transfer market either. What's worse, the club would not be able to sign contracts extensions with players whose current deals are set to expire this summer. That will be a total catastrophe, with numerous important players going out of contract at the end of the current season.

Fortunately, Marca reports that Abramovich was able to strike a deal with the UK Government and has been allowed to at least sell the club. He had initially planned to retain ownership while turning over operational control to the club's charitable foundation, but the legalities of such a move was put into question.

He then decided to sell, but that of course does not take only a few days to finalise. If reports are true, Parliament has agreed to at least allow the sale to push through instead of practically paralysing the entire club.

Now, the search for a buyer is in full swing, with merchant bank The Raine Group in charge of the transaction. Naturally, the proceeds from the sale had been part of the discussions with Parliament. The exact details of the agreement are still unclear, but Abramovich had already previously said that he intends to use the money to help Ukrainian families that have been affected by the ongoing war.

The deal is reportedly happening as early as next Tuesday, and must be approved by Prime Minister Boris Johnson himself. The buyer must also agree to the conditions set on where the money will be used.

A quick sale will be beneficial for the reigning UEFA Champions League title holders. They have only a few months remaining in the season, and they would want to negotiate contracts with the players that they wish to extend. They will also need to establish stability for the immediate future in order to assure any new talent that they want to bring in this summer.

Finally, there is the matter of finding a buyer that can afford the asking price of £3 billion. The front-runners are a couple of American consortiums, with some NFL team owners also expressing interest. Meanwhile, MMA star Conor McGregor appears determined to buy the club, but he won't be able to afford it unless he puts up a consortium that can help him raise the funds.