ROMAN ABRAMOVICH is considering selling Chelsea and wants at least £3 billion (US$3.92 billion) for the Premier League club, according to reports.

Shock reports emerged earlier this year claiming Abramovich is looking to cash in on the Blues, 15 years after taking control of the club in a deal worth £140 million.

It was claimed club directors acting for Abramovich brought in advisers from Raine Group LLC, the New York-based merchant bank, as part of a strategic review, with a view to advising on a potential full or partial sale.

A bid is already reported to have been made for Chelsea by Britain’s richest man, Sir Jim Ratclifffe, who made his fortune in the chemicals industry. Ratcliffe is said to have offered £2 billion for the Stamford Bridge club, but the bid was rejected and sources at Chelsea said Abramovich has no plans to sell.

However, Bloomberg now reports that Abramovich is still considering a sale, as he’s “frustrated by his British visa problems” and is “concerned about the potential fallout should the U.S. expand sanctions against wealthy Russians.” The report states that Abramovich values Chelsea at £3 billion.

Abramovich withdrew an application for a U.K. visa in June amid delays over the renewal of his existing visa, which expired a few weeks prior.

He remains able to enter the U.K. without a visa having gained Israeli citizenship. As Abramovich struggled to solve the problems with his visa, Chelsea announced a £1 billion plan to redevelop Stamford Bridge had been put on hold due to the “current unfavorable investment climate.” (SD-Agencies)