More high-profile bidders for Chelsea FC are emerging, but so far, none have reportedly met owner Roman Abramovich’s asking price. 

The Russian-Israeli billionaire wants $4 billion for the club, as he seeks to offload it before potentially facing sanctions related to Russia’s invasion of Ukraine. 

• Philadelphia 76ers managing owner Josh Harris is reportedly considering a bid. 
• Harris, who also co-owns the New Jersey Devils and other sports properties, would presumably need to divest from his stake in Premier League club Crystal Palace to buy Chelsea.
• Having ties to another Premier League club also hasn’t stopped Jamie Reuben from considering a bid. 
• The son of billionaire real estate investor David Reuben could tap his family wealth. Jamie’s brothers, Simon and David Reuben, own around 10% of Newcastle.

There are as many as 20 bidders considering the iconic club, including several sports team owners. 

Abramovich’s Asks

Abramovich said he will waive the $2 billion debt that Chelsea owes him. He is seeking an owner that will invest in the club and its venue, whether that be renovations to Stamford Bridge or a new stadium.

Abramovich, the former governor of Russia’s Chukotka region, has ties to Vladimir Putin. He participated in peace talks between Russia and Ukraine at Ukraine’s request and has said he will donate net proceeds from the sale of Chelsea to victims of the war.

U.K. Prime Minister Boris Johnson has faced pressure to impose sanctions on Abramovich.

Mexico’s Liga MX has issued sanctions in response to brutal attacks on March 5 at Corregidora Stadium among fans of Queretaro and Atlas.

The riot, which reportedly left more than 20 hospitalized, broke out during a match and spilled onto the field, ultimately suspending the match, as well as other Liga MX matches scheduled to take place that weekend. Liga MX will resume play on March 11. 

Liga MX and its owners collectively crafted the sanctions. 

• Queretaro has been fined $70,000 and will play home games with no fans for a year.
• Current management and owners of Queretaro are suspended for five years.
• Traveling fan groups have been banned, and a new fan ID system has been integrated.
• All those convicted in the riot will receive lifetime bans from Liga MX. 

In response to the violence, a group of fans urged FIFA to consider removing Mexico as a co-host for the World Cup in 2026, comparing the situation to organizations leaving out Russian athletes in response to Russia’s invasion of Ukraine. 

Trending Upward

Liga MX is the most-viewed soccer league in the U.S., more than doubling the average viewership of MLS matches. For the 2021 season, Liga MX averaged 845,000 viewers on Univision compared to 355,000 MLS viewers on ESPN and FOX.

The popularity has led to growth for Liga MX and its teams. Last month, a trio of investors purchased a 10% to 15% stake in Club Necaxa, valuing the franchise at $200 million.

Alex Rodriguez and business partner Marc Lore are investing in Mojo, an app serving as a “stock market” for professional athletes through which fans can buy and sell players at values based on performance.

With the help of a $75 million funding round led by Thrive Capital, Mojo is expected to debut with its first sport — football — by the end of the year. Tiger Global Management also participated in the round.

Rodriguez and Lore, who purchased a 20% stake in the NBA’s Minnesota Timberwolves and the WNBA’s Minnesota Lynx for $1.5 billion last April, will not be involved in the day-to-day operations of the company. 

• The funding will be used for hiring engineers, data scientists, and market movers. 
• Some of the funds will also be used for marketing.

Mojo CEO and co-founder Vinit Bharara said the company is still making arrangements with sports leagues, gaming commissions, and regulators.

Market Open

“I’ve always thought the idea of a sports stock market was the holy grail — the vision could transform sports, and fandom as a whole,” Lore said. 

He previously worked with Bharara on a sports trading market called ThePit, but sold it to Topps for $5.7 million in 2001. Bharara highlighted that with new gaming laws and legalization, they “can do it the way it was supposed to be done.”