The club's owner Roman Abramovich has had his assets frozen by the United Kingdom Government in response to the Russian invasion of Ukraine.

Abramovich was among the seven oligarchs sanctioned last week.

His assets were frozen, a prohibition placed on transactions with UK individuals and businesses, and a ban on travel imposed as part of the Government's measures.

The billionaire has owned Chelsea since 2003, but put the London-based club up for sale at the start of the month.

Sanctions have hampered his ability to sell the club, with the process being overseen by the country's Government, the Premier League and New York-based Raine Group.

Former British Airways chairman Broughton, who briefly chaired Liverpool Football Club in 2010, is among the parties interested in purchasing Chelsea.

Broughton has also previously served as head of British American Tobacco.

He and Lord Coe are lifelong Chelsea supporters, and the World Athletics President has thrown his weight behind Broughton's bid.

"I am certain that Sir Martin is the right man to lead Chelsea Football Club into its next chapter," Coe told the PA news agency.

"He has an exceptional track record in British business, as well as unrivalled experience in shepherding Liverpool out of a very difficult situation.

"He has the vision, acumen and financial backing to ensure our club’s future success, keeping Chelsea Football Club at the top of European football and challenging for trophies.

"But most importantly, like me, he is a lifelong Chelsea supporter and Shed End season-ticket holder.

"I know that this bid is for the millions of Chelsea fans around the world.

"We love our club and will always put the fans first."

Coe won men's 1,500 metres Olympic titles at Moscow 1980 and Los Angeles 1984, taking silver in the 800m at both Games.

The former Member of Parliament for the Conservative Party was awarded a Life Peerage in 2000, and led London's successful bid to stage the Olympic and Paralympic Games in 2012.

He has served as World Athletics President since 2015.

PA reports that Coe would assume a position on the Chelsea Board should Broughton's bid be successful.

Broughton welcomed the support from the World Athletics President.

"I am absolutely delighted to welcome Lord Coe to our bid," he said, as reported by PA.

"His reputation speaks for itself, and he will bring phenomenal insight, leadership and sporting knowledge to Chelsea Football Club."

A number of other bids have been mooted, including a consortium led by Todd Boehly, Hansjorg Wyss and Jonathan Goldstein, an offer worth an initial £2.5 billion ($3.3 billion/€3.0 billion) from property developer Nick Candy, a £2.7 billion ($3.6 billion/€3.2 billion) proposal from the Saudi Media Group, and the Ricketts family and Ken Griffin.

The club has won five Premier League titles and the UEFA Champions League twice under Abramovich's ownership.

Last month, it lifted the FIFA Club World Cup, beating Brazilian side Palmeiras 2-1 in the final in Abu Dhabi.