Plenty of deals on the table as race to buy Chelsea heats up – RT Sport News

Several official offers have been made to buy one of the world’s most recognizable sports brands

Several formal offers have been tabled to buy Premier League giants Chelsea as Friday’s 21:00 GMT deadline for offers expired after the club was made available on the market by Russian billionaire Roman Abramovich.

Interested parties include the Ricketts family, owners of Major League Baseball’s Chicago Cubs, a consortium led by British investor and Chelsea supporter Nick Candy as well as other groups involving the likes of Sebastian Coe and Todd Boehly. , the part-owner of another baseball team, the LA Dodgers.

New York-based integrated investment bank The Raine Group is handling the terms of the sale after Abramovich made public his desire to sell the club on March 2 following financial sanctions imposed on him at the following the Russian military operation in Ukraine.

Abramovich, who originally bought the London club in 2003, had his UK assets frozen by Boris Johnson’s government, despite Chelsea being granted permission to operate under a special license and under severe financial restrictions.

It is expected that most or all of these financial restrictions will be lifted when a deal to sell the club is finalized. Chelsea have lobbied for the terms of the special license to be changed and received some waivers from the UK government, but restrictions on travel budgets remain in place. The club are also not allowed to sell tickets or merchandise, a decision which forced the closure of the Chelsea club store.

Many of the offers are considered seriously considered. The Ricketts family’s experience guiding the Cubs to the 2016 World Series crown is believed to have demonstrated some expertise in how a sports franchise can be run successfully, while Dodgers co-owner Todd Boehly would also at the top of the queue.

British property investor Nick Candy has also pledged to “give football back to the fans” should his bid prove successful, and also confirmed he would oversee a much-needed redevelopment of the club’s Stamford Bridge stadium.

Candy also said he would grant a “golden share” to fans, which means supporter groups will have a say in Chelsea’s future plans.

“Chelsea are one of the most iconic and successful professional football clubs in the world, with a rich heritage, a global following and a very valuable brand., said Candy.

“Football clubs are vitally important community and cultural assets, and this is a unique opportunity to give football back to the fans and put them at the heart of the operations and strategy of a global football club. foreground.

“I believe Chelsea have all the fundamentals to become the most valuable and respected sporting club in the world and a force for greater good in everything they do..

It is also understood that there were more than 20 interested parties to bid, with around 10-15 official bids submitted.

Chelsea and the Raine Group will narrow down applicants to a shortlist next week, with the successful bidder then having to seek government approval and be required to show the source of their funds.

The successful bidder will also need to pass the Premier League Owners and Directors test.

Abramovich is believed to value Chelsea at around £3billion. He has also loaned the club £1.5billion – a sum he says he is happy to rescind.

Chelsea, however, are hoping any proposed deal will progress without further hitch as sanctions against Abramovich have thrown them into financial turmoil and as they struggle to cope with a £28m-a-month wage bill.


RT

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