Roman Abramovich ‘puts Chelsea up for sale’

Chelsea owner, Roman Abramovich, has hired New York bank Raine Group in preparation for selling off the club, according to The Sunday Times.

The bank is said to have valued the Premier League club at £2billion.

Abramovich has engaged their advisors, after they helped Manchester City sell a 13% stake in the club to China Media Capital for £265m in 2015.

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It is unclear whether the Russian wants new owners or to sell a stake in the club which he bought for £140m in 2003.

In May, following the political sanctions Great Britain imposed on Russia in response to the Salisbury poisoning, Chelsea announced that Abramovich was putting off a proposed £500m expansion of Stamford Bridge.

They have failed to qualify for the Champions League for the second time in three years, having previously qualified for the competition every year since Abramovich took over.

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