Turkish ‘billionaire’ Muhsin Bayrak claims he’s making progress on buying Chelsea

Turkish ‘billionaire’ Muhsin Bayrak has claimed that he is closing in on a cut-price takeover of Chelsea from Roman Abramovich. 

Chelsea’s current owner sent shockwaves through European football last week when he announced his intention to sell the club after 19 years – on the back his homeland Russia’s invasion of Ukraine.

It was previously reported that little-known Turkish businessman Bayrak claimed he had opened negotiations with the club.

Roman Abramovich (left) is selling the club after the Vladimir Putin ordered invasion of Ukraine by Russia

As reported by Sports Witness, he told Turkish broadcaster Oda TV that he is making progress in the negotiations.

He said: ‘We have reached a certain stage. Our law and finance department will start talks with theirs in London on Thursday. 

‘That’s the way it is at this point. On Thursday, we will notify the Public Disclosure Platform (KAP). 

Bayrak claims his offer is less than £2.5bn – less than Abramovich’s £3bn asking price

‘People are talking about it, we made some progress in the talks, and the world believes we have a 90% chance of completing the deal. Abramovich thinks the same.’

His claims come despite offering less than what Abramovich is hoping to get for the sale of the club.

The Russian billionaire has put up an asking price of £3billion for the club that he has helped turn into one of Europe’s biggest forces in the game.

When asked whether British reports that he had made a £2.5bn offer for the club, he insisted he’s offered lower than that.

When questioned on the figure he said: ‘I won’t tell you. We need to manage this process very well, or we will lose. 

‘There are countries in the world that don’t want Turkey to buy it. Let’s keep this a little secret. Let’s get the consent by Thursday.

‘We didn’t give that price (£2.5bn) to the British press. Our offer is under that, I’ll at least say that.’

Bayrak has claimed that he will meet representatives of Chelsea over the sale on Thursday

It was previously reported that a source close to Abramovich expressed scepticism about all the bidders who have publicly revealed their hands to date, which included the Swiss/American partnership of Hansjorg Wyss and Todd Boehly.

Wyss and Boehly appeared the frontrunners to meet his £3bn asking price, but Bayrak has claimed he will be ‘flying the Turkish flag in London soon’.

Bayrak is the leader of the Mutki Tribe of Bitlis, one of the largest families in Turkey, as well as Chairman of the Board of AB Group Holding, which has investments in crypto, construction, tourism and energy sectors. 

The AB Group, founded by Bayrak in 1999, is based mainly in Istanbul but also operate out of Italy, Greece and Spain. The company, allegedly worth $11bn (£8bn), is also said to have investments in London. 

Abramovich’s main sales adviser, Joe Ravitch, insisted last week that the sale would not be fast-tracked despite fears of Government sanctions. 

There have been a number of reported interested parties including a joint offer from Todd Boehly (pictured) and Hansjorg Wyss

The conflict in Ukraine has raised questions in UK parliament about potentially imposing sanctions on the Russian and as a result, Abramovich is offloading all of his London assets before the British government can penalise him, including Chelsea. 

As MailOnline reported on Monday, Abramovich may face sanctions before he is able to complete the sale of Chelsea  after the Government announced it could target ‘hundreds’ of wealthy Russians in the UK as early as next Tuesday. 

The Raine Group, an American merchant bank, have set a deadline of March 15 for potential buyers to submit their bids.

Abramovich is to write off the £1.5bn debt owed to him by Chelsea.

Net proceeds from the sale are to be donated to the war victims of the current crisis in Ukraine.