Chelsea’s last four bidders have had more time to consider the club’s final bids, as the most contentious sports auction in history will be extended.
According to this Weather forecastThe remaining consortiums were told by advisors who oversaw the sale on Thursday that they must submit binding takeover bids in the second half of next week, Mark Kleinman said.
The move, which will extend the next phase of the auction by several days, comes less than 24 hours after Chelsea lost their Champions League quarter-final first leg 3-1 to Real Madrid, leaving last season’s winners on the brink. to exit the competition
A source close to one bidder said he was told that the deadline for bids had been extended until the end of the week to give him a full and fair opportunity to properly finalize the details of the bid.
The source added that the US investment bank responsible for the sale, Raine Group, has also reported that it is considering awaiting Premier League clearance for the four consortia before submitting a preferred bidder to the government.
Featured offers in the Premier League
Evaluation of the four bids from the English football elite has already begun after the remaining consortiums submitted details of their main investors to Raine late last week.
The Premier League is expected to take several weeks to consider bidders, including a number of US billionaires and UK business start-ups, and the work to approve all four bidders means the process may need to be extended. .
One of the bidders, speaking on condition of anonymity, said he expects a final recommendation to ministers after the original target date for the week starting 18 April, with the deal likely to be concluded in May.
One of the bidders, who also spoke on an anonymity basis Thursday, welcomed the additional time to finalize his bid, given the complexity of the Blues acquisition process.
Who is competing to buy Chelsea?
The quartet of bidders includes:
- Liverpool and a consortium led by Sir Martin Broughton, former chairman of British Airways
- Another consortium is led by LA Dodgers co-owner Todd Boehly;
- Major stake in Boston Celtics owner Steve Pagliuca and Serie A team Atalanta
- And finally, the Ricketts family, which owns the Chicago Cubs, partnered with Cleveland Cavaliers owner Dan Gilbert and hedge fund boss Ken Griffin.
The remaining four bidders met in London this week as Chelsea board members, staff and Raine compete to finish Roman Abramovich’s 19-year tenure at Stamford Bridge.
They have been told that they must legally commit to investing at least £1bn in the club’s infrastructure if they buy it in the coming weeks.
The sales process has been complicated by sanctions against Abramovich and the buying spree of last season’s Champions League winners.
Challenges for the Ricketts-led bid
Earlier this week, the Ricketts family-led consortium made a series of commitments to Chelsea fans, including a pledge never to be involved in a revived European Super League project.
Other bidders have reportedly submitted details of their commitments to CSE but have so far chosen not to make them public.
The Ricketts-led bid for Chelsea has faced challenges in recent weeks amid backlash over historic comments by a family member who was not involved in the bid.
On Thursday, Laura Ricketts made a statement that Chelsea will “try to be champions on and off the pitch” if her family group wins the auction.
Led by Terry, the fan-led group is meeting with two bidders
Weather forecast It also revealed last week that the fan-run group co-founded by former Chelsea captain John Terry is in “positive” talks with the two shortlisted bidders about buying a 10% stake.
Among them, the latest bidders also control or own stakes in American teams, including the Boston Celtics, Cubs, LA Dodgers, Philadelphia 76ers, and Sacramento Kings.
By the standards of traditional takeover processes, Chelsea’s auction progressed at a dizzying pace, with executives at other major investment banks suggesting that such a complex sale would typically take at least six months.
Abramovich said he plans to cancel his £1.5bn loan to the club before the sanction is imposed and donate the net proceeds to a new charity he will set up to benefit the victims of the war in Ukraine.
A quick sell is essential for Chelsea
A quick sale is seen as essential if Chelsea want to avoid the uncertainty that could trigger the dissolution of one of the elite’s most valuable players.
The current winners of the FIFA Club World Cup, upset by Russia’s war with Ukraine, Abramovich first offered to transfer the club to his foundation, and then officially put it up for sale.
Abramovich initially put a £3 billion price tag on the club, with the net proceeds going to a charitable foundation set up to benefit war victims in Ukraine.
Chelsea’s new owners will need to obtain approval from the Premier League as part of the ownership test, as well as government approval in the form of a special license.
None of the bidders contacted Weather forecast nor would Raine comment on the changed schedule.