Chelsea FC Sale Enters Final Stages
The remaining three bidders for Chelsea FC are adding high-profile individuals to their bidding parties as the completion of a sale moves closer, with one buyer pulling out.
Following the 14th April final deadline of bids for the West London club, the Ricketts family-led consortium has withdrawn its bid for Chelsea, meaning that only three potential buyers remain. Chicago Cubs owners Tom and Laura Ricketts and partners Ken Griffin and Dan Gilbert were understood to be unable to finalise the composition of their consortium offer for the Blues. The news comes a surprise, with the Ricketts having been one of the early favourites to become the new owners.
The consortium led by Sir Martin Broughton, which includes Philadelphia 76ers, Crystal Palace FC, and New Jersey Devils’ co-owners Josh Harris and David Blitzer, is bringing billionaire Alejandro Santo Domingo onboard to boost its own chances of success. The Colombian is thought to be worth nearly £2bn according to Forbes.
Santo Domingo, a board member of Budweiser-owner AB InBev, will hold a minority stake in the team if the bid is successful.
Todd Boehly, who had an official offer rejected by Chelsea in 2019, has boosted his ranks with former chancellor of the exchequer and Chelsea fan George Osbourne joining his bid.
The former Conservative MP for Totton and ex-Evening Standard editor’s involvement with the Boehly consortium adds an extra edge to the Los Angeles Dodgers co-owner’s candidacy to buy the Blues. The London firm Robey Warshaw, where Osborne works as a partner, is understood to have signed on to the Boehly bid in an advisory capacity.
New York merchant bank the Raine Group is poised to select a preferred bidder this week, in the race to buy Chelsea from Roman Abramovich. It will also be responsible for recommending a preferred bidder to the government in order to secure a special licence approving the sale. The Premier League will also need to approve the sale.
The final bids placed on the 14th April are expected to value Chelsea at more than £2.5bn, which would break the record for a sports club takeover. The Premier League is expected to take the remainder of this month to evaluate those involved in the bids and its work to approve all three consortia means the sale process may need to be extended.
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