The sale of Chelsea Football Club was never going to be straightforward.
Behind the scenes, it turned into a high-stakes chess game involving some of Britain’s wealthiest figures.
One of the most surprising twists came from Sir Jim Ratcliffe, Britain’s richest man and part-owner of Manchester United, who tried to swoop in at the last minute to hijack the club’s sale — and a new book reveals all the drama.
Ratcliffe’s Late Bid: A Bold Move
Three years ago, Chelsea’s sale was being handled by Raine, a US bank that had trimmed an overwhelming 280 interested buyers down to just three serious contenders.
Among them was the consortium led by Todd Boehly and Clearlake Capital, which was ultimately successful.
But just when everyone thought the deal was locked, Ratcliffe made a late and unexpected move.
The book Sanctioned: The Inside Story of the Sale of Chelsea FC tells how, the morning after a 1-1 draw between Chelsea and Manchester United at Old Trafford in April 2022, Ratcliffe called Chelsea chairman Bruce Buck requesting an urgent meeting.
According to the account, Ratcliffe theatrically tapped his chest repeatedly, saying he had an offer for the club written on a piece of paper in his pocket.
The British Money Pitch That Didn’t Seal the Deal
Unlike the other bidders who submitted formal, polished 140-page proposals, Ratcliffe’s approach was far more theatrical—and less formal.
Buck reportedly tried to get a look at the mysterious paper, but Ratcliffe kept his cards close, instead emphasizing that his offer was unique because it was made up entirely of British money.
Despite the flair, Buck had to remind Ratcliffe that the preferred bidder had already been chosen.
Yet Ratcliffe pushed on, requesting a meeting with Raine later that morning, where he put forward a formal bid of £4.25 billion—the same amount as the other contenders.
The book suggests Ratcliffe believed his “all-British” bid would give him an edge, especially since the UK Government was overseeing and had to approve the sale.
This idea aligned with an Ineos statement at the time, which declared: “This is a British bid, for a British club.”
Too Little, Too Late for Ratcliffe
While Ratcliffe’s patriotic pitch stirred the pot, it also angered the other bidders. Ultimately, as Buck had warned, the bid came too late.
Boehly and Clearlake were confirmed as the winners despite the last-minute disruption.
Abramovich Breaks Silence on Selling Chelsea
The book also offers rare insight from Roman Abramovich himself—the club’s previous owner—who had been silent since Russia’s invasion of Ukraine forced him to sell Chelsea.
Abramovich faced accusations of being an ally of Vladimir Putin, which led to UK Government sanctions against him.
He announced in March 2022 that he had no choice but to sell, and by May 2022 the sale went through for £2.5 billion.
The proceeds were frozen in a bank account intended for charities helping victims of the war.
Abramovich’s Thoughts on the Club and His Future
In a rare interview, Abramovich shared how he hopes one day to attend a Chelsea match to say a “proper goodbye” to the club.
“Perhaps one day there would be a situation where I could attend a match and say a proper goodbye, but nothing more than that,” he said.
“I don’t have any interest in any role in a football club, certainly not a professional role.”
He did hint at a softer side, expressing willingness to support youth football initiatives, especially for young people from tough backgrounds, but made it clear that his days of club ownership are behind him.
Staying Focused Amid Accusations
Abramovich also reflected on the constant accusations he faces, including from the government.
He quoted a Russian proverb: “The dogs bark, but the caravan keeps moving,” showing his determination to stay focused.
“Whatever I do, people always accuse me of some kind of agenda.
In the end, I have done what I have simply to try to help,” he said.