Sacramento Kings owner Vivek Ranadive 'preparing an offer to buy Chelsea'

Vivek Ranadive, the owner of basketball side Sacramento Kings, is readying a bid to buy Chelsea from Roman Abramovich.

According to Sportico, Ranadive is putting the finishing touches to the proposal he will submit to Abramovich to try and take over the Stamford Bridge club.

Ranadive bought control of the Kings at a $534million (£407m) valuation back in 2013 and at their last valuation by Sportico are now worth £2.06billion.

Ranadive is a respected owner in the NBA and works on committees that help shape the future direction of the league.

Last week, Abramovich announced he is selling Chelsea after days of intensifying scrutiny over his involvement at the club amid Russia's invasion of Ukraine and sanctions being placed on oligarchs with ties to Vladimir Putin. At present, there are no sanctions placed on him.

'In the current situation, I have taken the decision to sell the club, as I believe this is in the best interest of the club, the fans, the employees, as well as the sponsors and partners,' Abramovich said.

'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.

'I hope that I will be able to visit Stamford Bridge one last time to say goodbye to all of you in person.'

Abramovich is believed to value Chelsea at north of the £3billion mark but it appears unlikely that his asking price will be met by any potential suitor.

Swiss philanthropist Hansjorg Wyss and LA Dodgers co-owner Todd Boehly are also interested in buying Chelsea and are said to be preparing a joint offer. There are also reports that New York Jets owner Woody Johnson will table a bid, too.

Loutfy Mansour, the scion of an Egyptian billionaire family who now heads up a London-based investment firm and is a Chelsea season ticket holder, is also interested.

Turkish billionaire Muhsin Bayrak claimed last week that he had opened negotiations about buying the club.

Goal have also reported that a Saudi private consortium led by Saudi Media registered their interest on Sunday to buy Chelsea through Raine Group, the New York merchant bank that has been hired to find a buyer. They have set a deadline of March 15 for offers to be put on the table.

Sportsmail reported last week that a source close to Abramovich expressed scepticism about all the bidders who have publicly revealed their hands to date, including the Swiss/American partnership of Wyss and Boehly.

But Sportico claim connections to Ranadive and his potential Chelsea offer asked not to be named publicly and a spokesperson for the Sacramento Kings refused to comment on a potential bid.

Harvard-educated Ranadive has said he arrived in America from India with just '$50 in my pocket' and he made his money - an estimated wealth of around $700 - by founding computer firm Tibco in the 1990s.

Abramovich is understood to regard the buyer’s plans for the future of the club as equally significant as the price in determining whether to sanction a sale, a factor not to be overlooked as other potential bidders emerged yesterday.

Abramovich is deeply concerned by his image and legacy at Chelsea, as has been made evident by the number of carefully choreographed statements released on his behalf over the last week.