Roman Abramovich looking to sell Chelsea

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The news comes after Abramovich recently rejected a bid for a minority stake by US private equity firm Silver Lake. The Russian oligarch is also believed to have turned down a £2billion outright offer for the club earlier this year from Sir Jim Ratcliffe, Britain’s richest man, as he is holding out for bigger bidders. Abramovich bought Chelsea in 2003 for £140 million.

Abramovich denied Visa

Abramovich’s situation has become complicated in the UK after he was denied a working Visa in May. This was the result of a crackdown on wealthy Russians in the UK after tensions between London and Moscow were heightened over the Sergei and Yulia Skripal poisoning scandal.

Chelsea needs $1 billion to build a planned new stadium but the project is on hold for the time being as it is understood that Abramovich is not willing to invest heavily in a country that has denied him a Visa, according to The Sunday Times report.