HomeFinanceChelsea’s Sale Continues, Four Bidders Remain

Chelsea’s Sale Continues, Four Bidders Remain

Chelsea’s Sale Continues, Four Bidders Remain

Chelsea F.C. have shortlisted four potential bidders for its sale, following current owner, Roman Abramovich’s, decision to sell the club.

The sale value is expected to reach around £3 billion (AUD$5.2 billion) due to the financial capabilities of the final four bidders.

The remaining bidders include Ricketts family groups, Sir Martin Broughton, LA Dodgers co-owner Todd Boehly, and Bostin Celtics co-owner Stephen Pagliuca.

New York merchant bank, the Raine Group notified the final four bidders last Thursday with plans to further investigate their liquidity as the buying process continues.

67-year-old billionaire, Pagliuca, is co-chairman of Bain capital and also has majority shareholding in Italian club, Atlanta.

Bain capital is estimated to have around US$155 billion (AUD$206.8 billion) in assets under management.

Boehly and his Eldridge Industries firm has backing from Swiss billionaire Hansjorg Wyss and from Jonathan Goldsetein to ensure his liquidity as the sale progress.

Boughton has also drafted heavy financial backing leading up to the sale while the, potentially controversial, Ricketts family have enlisted US Hedge Fund manager, Ken Griffin, to aid their purchase attempts.

The Chelsea’s Supporters’ Trust (CST) have expressed hesitation towards the Ricketts’ family purchasing the club due to a string of scandals involving Joe Ricketts.

The CST believes the Ricketts family lack the ability to run an inclusive and successful club after Joe Ricketts was accused of Islamophobia in 2019.

Despite the Ricketts family insisting they do not accept any kind of racism or hatred, the CST group released a statement outlining their expectations and demands from the new buyer.

“It is essential that the new owners of the club have the confidence of the support base and demonstrate and understanding of the values that we stand for,” the statement said.

“That is why the strength of feeling towards the Ricketts family bid from Chelsea supports cannot and must not be ignored,” the report added.

Chelsea is seeking a quick sale, with the Raine Group expecting the process to be completed by the end of April, meaning any complications with applicant submissions could jeopardize the applicant’s running in the bidding war.

The continuation of the sale comes after current club owner, Roman Abramovich, was sanctioned by the British government due to allegations linking the billionaire to Putin.

Abramovich had his assets frozen, and the sale was put on pause until the British government could determine how to proceed.

The sale must now operate under a strict government-imposed licence, with Abramovich unable to make a profit.

Any profits made will be either frozen or distributed to funds aiding victims of the war in Ukraine.

Abramovich has promised to pay off Chelsea’s £1.5 billion (AUD$1.9 billion) debt.

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