The changing ownership situation at Chelsea has moved at breakneck speed in recent days, with Roman Abramovich confirming on March 2 his intention to sell the Premier League giants.
The Russian billionaire stated had previously unveiled a plan to hand "care and stewardship" of the Blues over to the club's charitable foundation amid growing pressure on his position.
However, due to the increasing discussion and scrutiny centered on Russian financial influence in the UK following President Vladimir Putin's invasion of Ukraine, Abramovich has opted to sell up.
The 55-year-old stated the decision was "incredibly difficult", with a pledged commitment not to recall outstanding loans made to the club, with all net profits of the sale donated to the "benefit of all victims of the war in Ukraine".
MORE: Who is Roman Abramovich?
When will Chelsea be sold?
As part of his official statement, Abramovich confirmed the sale "will not be fast-tracked but will follow due process."
Raine Group LLC is charged with helping Abramovich find a buyer and it will oversee the sale. One of the group's founders, Joe Ravitch, told Reuters that "we are not going to rush anything. It is very important that Chelsea have the right owner to guide the club forward."
The same Reuters report cites sources that "that the sale process may run for about a month before a buyer is identified and a deal is agreed."
That is in line with a statement made by Premier League Chief Executive Richard Masters, who told reporters at the Financial Times' Business of Football summit that club sales normally take a month, barring any complex issues that could arise.
“I think the quickest (sale) we have ever done is 10 days," Masters told the media. "That’s not to say that record can’t be beaten, but normally it takes a number of weeks.
“It all depends on the complexity of the deal and the number of potential owners. Provided the information is easily digestible, easily understandable and gives us all the right answers, it can be done relatively quickly.”
According to reports, a March 15 deadline for bids has been set by the Raine Group.
Could Abramovich sanctions stop a sale?
Abramovich's reported relationship with Putin has shone the spotlight on his business dealings and how his bankrolling has built Chelsea's profile since his arrival at the club in 2003.
The UK Government has begun a staggered set of sanctions against UK-based Russian banks, with Labour leader Sir Keir Starmer calling on Prime Minister Boris Johnson to freeze Abramovich's assets.
The move to offload the ownership of Chelsea would indicate a concern over the potential impact of impending sanctions against him.
If personal sanctions are imposed on Abramovich, with Chelsea included as a relevant asset while still under his ownership, then any possible sale could be significantly impacted.
Masters, the chief executive of the Premier League, was asked about the impact of potential sanctions on a sale at the Business of Football Summit, and according to a PA Sport report, he responded: "I don’t think that will work.”
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What's the Premier League approval process for club sales?
The Premier League's approval process for new club owners came into sharp focus following the Saudi Arabia-backed Public Investment Fund (PIF) buyout of Newcastle United in 2021.
The first step before a new owner can join England's top division involves meeting with the Premier League's board and presenting the source of funds for the proposed takeover and an initial business plan with backup for how the liabilities will be covered.
This is a pre-test for incoming prospective owners, prior to the crucial Owners' and Directors' test (page 141 of the Premier League handbook). The latter hurdle offers the FA and Premier League a safeguard against an entity or individual with past or outstanding legal, criminal or disciplinary issues that would preclude them from owning a Premier League club.
The Owners’ and Directors’ test has been scrutinized in recent months with calls for it to be more strict and to include consideration related to human rights and character. Masters confirmed that the league is "looking at it again" in reference to the test.
What's the fastest possible sale of a Premier League club?
Masters' comments on club purchases taking weeks and months rather than days is based on previous examples of new ownership within the Premier League.
He confirmed the fastest Premier League club sale was completed inside 10 days, but the span varies depending on the variables present in each instance.
Manchester City's 2008 purchase by the Abu Dhabi United Group was completed in less than a month, as former owner Thaksin Shinawatra wanted a quick sale, and the new investors sped up the process in time to complete a deadline day move for Brazilian star Robinho (photo above).
In contrast, PIF's eventual deal for Newcastle took over 18 months, after their initial bid was rejected by the Premier League, and the Saudi Arabian government halted talks before restarting and completing a takeover in October 2021.
Looking back at Man City's purchase in 2008
There are broad similarities between Shinawatra's desire to sell City in 2008 and Abramovich now, with a political context playing a crucial role in both.
However, Shinawatra's position was far more evolved than Abramovich's, who is currently under the threat of potential sanctions.
In contrast, Shinawatra's UK asylum situation and ongoing dispute with the Thai Government amid threats of arrest back in his native country, made his position completely untenable in a short time. When his assets were frozen and he skipped bail, it spelled the end of his time at the club.
Shinawatra still secured a significant profit on his sale (estimated at around $40 million less debts) after less than 18 months in control at City, but the circumstances were different in comparison to Abramovich.
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