Russian faces long goodbye
IT could take up to a year for Roman Abramovich to sell Chelsea.
The owner put the club up for sale on Wednesday, effectively spelling an end to his 19-year association with the Blues, after Russia’s invasion of Ukraine sparked a huge political and public outcry.
The Russian billionaire wants to fast-track the sale but, according to one of the country’s leading sports finance experts, that might be wishful thinking, particularly given the potentially complicated nature of any deal.
“With football clubs in particular, it’s very hard to do anything off what it looks like in book value – it’s ultimately down to what someone is prepared to pay for it,” said Matt Rogan, author of All To Play For.
“If you used any rational financial valuation then no one would pay £3billion for Chelsea. But when you get to that price point, it’s more what it does for somebody else.
“Does it make sense for someone who is building a portfolio of clubs, including NBA teams or NFL teams, where a lot of the costs in the club don’t need duplicating, then maybe?
“Does it make sense for someone to have it as a trophy asset? Again, maybe it does.
“Selling businesses takes a lot of time, you’re usually looking at between nine months to a year.
“It’s going to take a big leap in faith for someone to come in and buy Chelsea.
“You can have an agreement in principle but the mechanics of making a deal actually happen can take months.
“It’s like buying a house, you can exchange but the process of completion and actually getting your hands on the keys can take ages.
“I see no reason why this would be any different. You also have sanctions hanging over the club.
“If they are imposed on Abramovich, then by extension they go onto his businesses. Just trading would not be easy.”