The Ownership of Chelsea tussle is still burning hot as those bidding to become the new owners of the club have until April 11, 2022, to submit their improved bids.
The bidding process is now in the final phase and The Raine Group, the merchant bank handling the sales of Chelsea is expected to confirm the final shortlist of bidders after April 11.
Recall that Roman Abramovich who has been the owner of Chelsea since 2003, was left with no choice but to put up the club for sale after Russia’s troops invaded Ukraine.
Due to the ongoing invasion of Ukraine, Abramovich who is a Russian billionaire that has very close ties with Russia’s President Vladimir Putin was subjected to criticism and sanctions by the United Kingdom government.
The sanctions slammed on the Russian billionaire took away his control of Chelsea. But before he lost control of the club, he has placed a £3 billion price tag on the club which is used as the benchmark for the ongoing bidding process.
As expected, ownership of Chelsea has attracted interest from all walks of life. A series of billionaires especially from the United States and the United Kingdom have formed consortiums to purchase the club.
Currently, four contenders are vying for ownership of Chelsea. They have all submitted their initial bids. They now have the opportunity to improve the bids to stand a better chance of buying the club.
Reports in the United Kingdom claim that Raine Group is working towards concluding the whole process before the end of April which means that before the summer transfer window, Chelsea will have a new owner.
Below are the final four bidders vying for the ownership of Chelsea
- Sir Martin Broughton led consortium
The Sir Martin Broughton-led consortium is seen as a major contender for the ownership of Chelsea. Aside from Broughton who is a former British Airways and Liverpool FC chairman, other members of the consortium are Lord Coe, the former British Olympian turned sports administrator and businessman; two American billionaires, Josh Harris and Dave Blitzer; and an Indian-born entrepreneur idkek Ranadive.
- Todd Boehly led consortium
Todd Boehly is one of the American billionaires that made it to the final phase of the bidding process. Boehly who is a part-owner of LA Dodgers formed a consortium that comprises Jonathan Goldstein, a London-based property developer, and Clearlake Capital, a US-based investment firm.
- Ricketts family-led consortium
Ricketts family is another American billionaire in the running for the ownership of Chelsea. The family which owns the Chicago Cubs is in partnership with the Citadel hedge fund billionaire Ken Griffin and has the US investment bank, Lazard, as the consortium’s adviser.
- Stephen Pagliuca
Stephen Pagliuca is spearheading a bid to own Chelsea. The American billionaire owns American private equity, the Boston Celtics, and a Serie A club, Atalanta.
What is expected from the bidders in the final phase
The Raine Group, the merchant bank handling the bidding process has advised the final bidders to set aside £1 billion funds to invest in the club after acquiring the club.
The £1b is expected to be used in expanding Chelsea’s Stamford Bridge, investing in the club’s squad, and other developmental projects at the club.
This fund became necessary to assure the club’s supporters that anyone who becomes the new owner of Chelsea will continue to improve the club as much as Roman Abramovich was doing before Russia invaded Ukraine.
