Chelsea Football Club owner Roman Abramovich has agreed to sell the club to Saudi Arabian billionaire Al-Waleed bin Talal.
Chelsea Football Club owner Roman Abramovich has agreed to sell the club to Saudi Arabian billionaire Al-Waleed bin Talal. The deal was confirmed on October 27th, and will see the Russian businessman sell his entire stake in the club to Bin Talal’s investment company, Kingdom Holding Company. The sale is worth an estimated £2 billion ($2.5 billion), and will see Bin Talal take control of all of Abramovich’s assets, including Chelsea FC and Millhouse LLC, a holding company that owns stakes in other companies such as Twitter and Apple.
Abramovich is one of Russia’s richest men, with a net worth of $9.1 billion (£6.9 billion) according to Forbes. He purchased Chelsea FC in 2003 for £140 million ($192 million), but the team’s value has increased dramatically since then due to its success on the pitch and its popularity off it.
Why is Roman Abramovich selling Chelsea?
