LA Dodgers owner Todd Boehly 'to lodge formal Chelsea takeover bid' imminently

Los Angeles Dodgers part-owner Todd Boehly's consortium is ready to launch an official offer to buy Chelsea, according to reports.

New York-based firm Raine Group have been appointed to oversee the sale after Russian billionaire Roman Abramovich confirmed his intention to sell the club.

Abramovich announced that he would put the Blues up for sale, having been in charge at Stamford Bridge for almost 20 years.

The statement came amid increased scrutiny of Russian oligarchs following the country's invasion of Ukraine.

The 55-year-old continues to deny links between him and president Vladimir Putin but claimed his decision to move on was made in the "best interest of the club".

"The sale of the club will not be fast-tracked but will follow due process," said Abramovich.

"I will not be asking for any loans to be repaid. This has never been about business nor money for me, but about pure passion for the game and club.

"Moreover, I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated.

"The foundation will be for the benefit of all victims of the war in Ukraine. This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery.

"Please know that this has been an incredibly difficult decision to make, and it pains me to part with the club in this manner. However, I do believe this is in the best interest of the club."

Britain's richest man Sir Jim Ratcliffe has already ruled himself out of the running, as has Egyptian businessman and Chelsea season ticket holder Loufty Mansour.

That leaves Boehly's consortium, which also includes Swiss billionaire Hansjorg Wyss as the leading party and ESPN claim they are ready to submit an official proposal ahead of the March 15 deadline.

Boehly, who is believed to have a net worth of around £4.7bn explored the possibility of buying the Premier League giants in 2019 and the report claims he will return with an offer similar to the £2.2bn he was prepared to pay back then.

Sources have claimed that Abramovich is looking for closer to £3bn, with Raine Group co-founder Joe Ravitch adamant that they won't be forced into a quick sale.

"We are not going to rush anything -- it is very important that Chelsea have the right owner to guide the club forward," Ravitch told news agency Reuters.

Premier League CEO Richard Masters has suggested that a sale could be sanctioned in rapid-quick time, possibly within 10 days, if both parties can come to a swift agreement.

"I think the quickest one we've ever done is 10 days," he told the Financial Times Business of Football Summit on Thursday. "That's not to say that record can't be beaten.

"But, normally, it would take a number of weeks, and it all depends on the complexity of the deal and the number of potential owners."

Boehly currently own 20 per cent of baseball team LA Dodgers and acquired a 27 per cent in basketball franchise LA Lakers in 2021.