The four groups trying to buy Chelsea are facing an anxious wait after submitting improved offers for the club on Thursday. The value of each offer is being assessed by Roman Abramovich and the club’s board, and Raine, the US bank that sells it, is expected to bring a preferred bidder to the UK government for approval early next week.
Rhine’s contribution is likely to influence the decision of the Chelsea hierarchy and it is believed that the highest bid is not necessarily successful. Abramovich, who was hit by sanctions after Russia’s invasion of Ukraine, is also expected to take into account the club’s future well-being. The Russian billionaire wants Chelsea, which could be sold for £ 2.75 billion, to be in good hands.
All bidders have extensive experience in American sports. These include a consortium led by LA Dodgers co-owner Todd Boelli, and one of the owners of the Chicago Cubs, Tom and Laura Ricketts.
A consortium led by Sir Martin Broughton and Sebastian Coe has received support from Philadelphia 76ers basketball team owners Josh Harris and David Blitzer. The fourth offer is led by Boston Celtics co-owner Steve Palyuka. All four groups say their offers are only in cash and will not burden Chelsea with debt.
Sources close to the process believe that a preferred offer may appear after Monday. However, there were delays all the time and there could be no development until the end of next week. The Premier League will have to ensure that each candidate passes their suitability test and the right owner, while the government’s top priority is to ensure that the money from the sale does not go to Abramovich. The government will have to issue a license to sell.
At first glance, Boehly’s offer seems to be the one with the least complications. He has partnered with fellow Dodgers owner Mark Walter, Swiss billionaire Hansorg Vis and London businessman Jonathan Goldstein. The group is supported by the investment company Clearlake Capital. Sources have dismissed speculation that Clearlake will take a majority stake. Tory peer Daniel Finkelstein and publicist Barbara Charone will become non-executive directors if Boehly’s bid wins.
The Boehly group was the first to move when it became clear that Abramovich’s ownership could not continue. By now, she would have been able to complete the takeover if Raine had not decided to hold a tender.
However, the other groups are firmly in dispute. The Ricketts are not deterred by Chelsea fans who oppose their candidacy over historical allegations of Islamophobia. They are partnering with hedge fund billionaire Ken Griffin and Rock Entertainment Group, led by Dan Gilbert, valued at $ 31 billion (£ 23.7 billion). The Ricketts plan to add Karan Bilimoria, a Tory peer, Chelsea fan and founder of Cobra Beer, to the board.
Broughton and Lord Coe are also seen as viable owners, although they have not named all the investors behind their group. Their offer is complicated by the fact that Harris and Blitzer own shares in Crystal Palace, which they will have to sell in order to become shareholders in Chelsea.
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Palyuka will have to reduce his stake in Atalanta if his offer is successful. He was joined by Facebook co-founder Eduardo Saverin and Elaine Andrieansen, Saverin’s businesswoman and wife, along with NBA Chairman Larry Tanenbaum. Peter Guber, who owns some of the Dodgers with Boehly, is also involved in Pagliuca’s offer and is backed by former Disney CEO Bob Eiger, B Capital co-founder Raj Ganguli, venture capitalist Jim Breyer and entrepreneur Div Turakhia.
The groups have been informed that they must commit to investing at least £ 1 billion in Chelsea’s infrastructure, academy and women’s team. All bidders have plans to renovate Stamford Bridge. They will want to support the transfer of Thomas Tuchel, manager of the men’s team, this summer.
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