Turkish billionaire Bayrak says he's in talks to buy Chelsea from Abramovich

Turkish billionaire Mushin Bayrak has claimed he is "negotiating signatures" to complete the acquisition of Chelsea from Roman Abramovich.

Bayrak is chairman of construction and investment company AB Group Holding and has a reported net worth of more than £8billion, although that figure has yet to be confirmed.

Abramovich is believed to be holding out for a bid of around £3bn, having declared his intention to sell the club after 19 years at the helm.

The Russian declared that his decision was made with the "best interests" of the club at heart, with oligarchs coming under pressure from the UK government in the wake of the invasion of Ukraine.

The 55-year-old continues to deny links between him and president Vladimir Putin but looks set to leave English football in the coming weeks.

"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."

An American-Swiss consortium headed up by Todd Boehly and Hansjorg Wyss are said to be preparing an offer, but Bayrak has suggested he is leading the race.

"Yes, we definitely confirm. We have forwarded our offer regarding this to them," a spokesperson for Bayrak told the Guardian.

Bayrak had earlier said to Turkish media: "We are discussing the terms of Chelsea's purchase with Roman Abramovich's lawyers.

"We're negotiating signatures. We will soon fly the Turkish flag in London."

New York-based firm Raine Group have been appointed to oversee the sale with 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."