Jamie Carragher has warned any prospective buyers of Chelsea that it will be "very difficult" to live up to the standards set during Roman Abramovich's reign.
Abramovich, who has called the shots at Stamford Bridge since purchasing the club in 2003, recently put the club up for sale as he faces the threat of being sanctioned by the UK government following Russia's invasion of Ukraine.
During the Russian billionaire's time in west London, the Blues won 19 trophies - including two Champions League titles - all while taking heavy losses in the financial department, as they established themselves as serial winners.
With that in mind, Carragher has warned those interested in a takeover that their task will not be an easy one.
"I think whoever comes in and takes over from Roman Abramovich will find it very difficult to replicate the success that they've had," the Liverpool legend told CBS Sports.
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"You may find someone who is willing to put in the same money but it's the losses Chelsea have had that an owner is prepared to take.
"Changing managers over the years, players coming in left, right and centre, huge money spent on players and this isn't a club that generates huge money.
"They haven't got a massive stadium like you see at Manchester United, like Liverpool are trying to do now, look at Tottenham and Arsenal have got in terms of bringing money into the club. They have an owner who is prepared to write off money."
Carragher, who noted that Chelsea had "embarrassed" themselves as a result of how they originally responded to the invasion of Ukraine, added: "No matter how rich anyone is who buys a football club, they more often than not see it as an investment.
"The only ones who don't, Manchester City and now Newcastle, are where money is not really a thought.
"Chelsea had that in Roman Abramovich and it will be difficult to get another owner like that and that's why I think it will be difficult for them to match the standards they have had for the last 20 or so years he's been there."
A number of names have been linked with purchasing the club but the first bid looks set to come from British property developer Nick Candy.
The tycoon is plotting a £2.5billion offer which is expected to be submitted by the end of the week, as reported by the Daily Mail.
However, Candy is believed to be facing competition in the form of US billionaire Josh Harris.
Once a top executive of a private equity firm, Harris co-owns a host of sports holdings alongside business partner David Blitzer and already boasts a minority stake in another London-based Premier League club Crystal Palace.
Harris would have to relinquish that stake if he were to become involved at Stamford Bridge and a spokesman for him declined to comment to the Financial Times.
