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Turkish businessman Muhsin Bayrak said on Wednesday his company was preparing to submit a bid by Friday to buy English soccer club , but would want the blessing of sanctioned Russian oligarch for any deal.

In an interview with Reuters, Bayrak said his AB Group Holding company was notified by the UK government - which is overseeing the Premier League club after Abramovich was targeted by British sanctions - that any bids should be filed by a Friday deadline.

Bayrak said he expected bids for Chelsea to hover around 1 billion pounds ($1.3 billion), roughly half the 2.2 billion pounds he says his company was prepared to pay Abramovich in the days before the oligarch was hit by UK sanctions in the wake of Russia's invasion of Ukraine.

Chelsea's market value should reflect the fact that the club recently lost sponsorship contracts, he told Reuters. The club's main shirt sponsor, mobile network Three, has suspended its relationship with the club.

"The situation has changed since it was transferred to the government," Bayrak said.

Abramovich bought Chelsea in 2003 for a reported 140 million pounds ($184 million) and his investment resulted in the most successful era in their history.

Some Turkish media have questioned whether Bayrak's company has the financial firepower to buy Chelsea, saying the businessman was possibly seeking publicity.

Bayrak denied this and said he had the necessary funds to make a bid. "We will make the application by Friday," he said at his Istanbul office.

Abramovich's spokesperson did not immediately respond to a request for comment on talks or meetings with Bayrak or his interest in Chelsea.

The press office of Britain's Department for Digital, Culture, Media & Sport was unable to comment. While not directly involved in the sale process, the government would issue a licence for the sale if it is happy with the conditions.

AB Group Holding has interests in construction, real estate and crypto currency.

World governments are seeking to isolate Russian President Vladimir Putin and his allies over the invasion of Ukraine, which Russia calls a "special operation".

Before being sanctioned in the UK, Abramovich had said he would sell the London club, but it is now operating under a special government licence and the Premier League board has disqualified him as a club director.

Abramovich, who has denied having close links to Putin, was also among several Russian billionaires added to a European Union blacklist this week, freezing their assets.

Bayrak said he planned to meet Abramovich in person later this week in Turkey to get his blessing for any deal. According to Bayrak, the two men first spoke by phone about a possible deal late last month and met in Istanbul about two weeks ago.

A jet linked to Abramovich was in Istanbul earlier this week and was also in Turkey from March 5-12, according to FLIGHTRADAR24 data.

(Reuters)