Chelsea F.C. has racked up more than $1 billion in net losses since the Russian oligarch Roman Abramovich acquired the Premier League soccer club almost two decades ago. But bidders are lining up to pay what could be among the largest prices for a professional sports team as the shortage of marquee clubs on the market drives valuations higher.
The Russian oligarch, sanctioned by the U.K. government because of his ties to the Kremlin, put Chelsea on the block last month. The auction has attracted a who’s who of bidders despite the losses, many of them Americans who already own sports franchises at home.
