Raine Bank is set to name their preferred bidder for the takeover of Chelsea Football Club as soon as this week, according to the New York Times. It would put an end to a saga that has lasted almost two months.
Blues owner Roman Abramovich confirmed he was putting the club up for sale on March 2. Eight days later, he had sanctions imposed on him by the UK Government following Russia’s invasion of Ukraine. This put a freeze on all of his assets in the UK, with Chelsea forced to operate under a special sporting licence until a new owner takes charge.
The licence put a restriction on things the club could do, from inability to sell tickets and merchandise, to being unable to offer new contracts and sign players, though some of these measures have been lifted since. US banking firm Raine was put in charge of picking the next owner once bids had been tabled.
