How a Russian Oligarch Is (Probably) Overvaluing Chelsea

Abramovich, a Russian oligarch, bought Chelsea in 2003 for about $230 million, becoming the second foreigner to control a Premier League team. In the two decades since, he’s spent $2.8 billion acquiring world-class talent.

Abramovich’s largess allowed Chelsea to amass more titles than any other English club since 2003. The team’s most recent success, a victory in the FIFA Club World Cup, was its 21st title in the Abramovich era.

But that success was paired with huge losses, amounting to $1 billion through the 2021 season, with Chelsea losing money in all but five years under Abramovich. Those losses were bankrolled by loans from an offshore company owned by Abramovich.

A $4 billion deal would be far higher than the amount recently paid for debt-free Newcastle ($420 million) and Southampton ($130 million). Chelsea generates three times more than those teams in revenue.