Chelsea are hastily trying to sell their club as problems mount

Chelsea Football Club are in a “race against time”, according to ESPN, to sell the squad before the government-imposed deadline of May 31.

Rain Group, the New York-based merchant bank responsible for selling the team, has faced multiple speed bumps in its efforts to sell the club due to bidding wars and attempts by the former owner of Chelsea to restructure the terms of the sale.

Los Angeles Dodgers co-owner Todd Boehly was reportedly chosen as the preferred bidder for the Premier League side, but British billionaire Sir Jim Ratcliffe tried to step in and take control of the deal with a bid of 4.25 billion euros.

Boehly has a “short period of exclusivity” to finalize the terms of the team purchase, and it is believed he will do so within days, sources have told ESPN.

Chelsea have been on the market since former owner Roman Abramovich opted out of the team earlier this year. The billionaire oligarch was sanctioned by the British government in light of Russia’s invasion of Ukraine due to Abramovich’s ties to Vladimir Putin. Abramovich is also rumored to become a liaison in the Russia-Ukraine talks, although there have been no reports of this.

Abramovich continues to be a headache for Chelsea despite leaving the team. Just this week, reports surfaced that he may delay the sale because he wants to restructure the deal and is trying to recoup a major loan from the club. The standoff between Abramovich and ministers would require a ‘Brexit-style’ solution for the club to be successfully sold before the deadline, onlookers online have said.

Sports Grp1

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