Russian billionaire and the owner of Chelsea football club Roman Abramovich has put the club on sale. The latest report indicates that Abramovich who was recently denied visa to United Kingdom has hired New York based bank Raine Group in preparation for selling off the club.
The Sunday Times reports that the club has been valued by the bank at 2billion pounds.
Abramovich decided to engage the services of the bank’s advisors, after they successfully aided premier league rival Manchester City sell 13 percent of the club stake to China Media Capital at £265m in 2015.
It is still unclear whether Abromovich who took over the club in 2003 is seeking a new owner for the club or he want sell a stake in the premier league club.
Abramovich in May this year put to hold the expansion activities of the club with is expected to cost the premier league giant 500 billion pounds.
The latest development comes at a time when the club is facing serious challenge especially after missing out on champion league spot for this season.
Abramovich recently changed his nationality to Israel after UK imposed sanction on the Russia following Salisbury poisoning.