Egyptian billionaire Loutfy Mansour shuts down rumours he’s joined bidding war for Chelsea

Egyptian businessman Loutfy Mansour has ruled himself out of the running to replace Roman Abramovich as Chelsea’s owner, denying rumours of potential takeover bid.

Abramovich announced his plans to sell Chelsea on Wednesday evening, just days after it was revealed that the club’s ‘stewardship and care’ had been handed to its foundation trustees amid the threat of anti-Russian sanctions.

It comes after Russian military forces launched a full-scale invasion of neighbouring Ukraine under the orders of president Vladimir Putin, who Abramovich has allegedly held close ties with in the past.

It’s understood Abramovich – who took over Chelsea back in 2003 – values the Champions League holders at between £3-4bn and the 55-year-old Russian-Israeli oligarch has vowed to donate all net proceeds from the impending sale to victims of the conflict in Ukraine.

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Widespread reports in the wake of Abramovich’s stunning announcement indicate that Swiss philanthropist Hansjorg Wyss and LA Dodgers co-owner Todd Boehly are set to unite and launch an eye-watering offer for the west London giants.

There has also been talk of Chelsea season ticket holder Mansour – the scion of an Egyptian billionaire family who now heads up a London-based investment firm – preparing a rival bid for his beloved club.

However, the 38-year-old has distanced himself from the speculation and it’s clear he will not be the man to take over the reins from Abramovich at Stamford Bridge.

‘In light of the recent media speculation, we want to make it clear that we are not pursuing a bid for Chelsea Football Club at this time,’ a spokesperson for Mansour told The Guardian.

Speaking at a press