Chelsea Takeover: NBA President Larry Tanenbaum Joins Stephen Pagliuca’s Offer Before Thursday’s Deadline | Football News Sky News

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The NBA chief joined one of the consortia this week preparing to submit the final bids for Chelsea.

Sky News has learned that Larry Tanenbaum, who also owns a number of North American sports teams, is among investors backing Stephen Pagliuca’s bid for the Stamford Bridge club.

City sources said Monday that Canadian Mr. Tanenbaum is among several wealthy individuals who have agreed to support private equity billionaire Mr. Pagliuca, who has made a fortune from his career at Bain Capital.

Other co-investors in the group include John Burbank, founder of San Francisco hedge fund Passport Capital, and Facebook co-founder Eduardo Saverin, the tech giant’s first investor.

Mr. Saverin and Raj Ganguly, the two co-founders of investment firm B Capital Group, have agreed to support Mr. Pagliuca.

Last week, Sky News revealed that Bob Iger, the former chairman of Walt Disney, had also been approached to join the proposal.

The Bain Capital chairman is said to have participated in Chelsea’s 6-0 win at Southampton on Saturday after traveling to England to meet with club executives and advisors on his proposal.

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FREE TO WATCH: Highlights from Chelsea’s Premier League win over Southampton

Mr. Pagliuca is the co-owner of the Boston Celtics NBA team and owns a large stake in Italian Serie A side Atalanta, which he may have to sell if his bid from Chelsea is successful.

A source familiar with Mr Pagliuca’s proposal said Mr Tanenbaum’s work in combating antisemitism would be welcomed by Chelsea owner Roman Abramovich, who came under British government sanctions following Russia’s invasion of Ukraine.

The remaining four consortiums, which plan to replace Abramovich as Chelsea owners, will submit their final bids on Thursday, two days after the London club’s Champions League quarter-final return match against Real Madrid. Chelsea are down 3-1 after their first game last week.

Mercantile bank Raine Group, which oversees the sale process, extended the deadline last week to give the four bidders a full and fair opportunity to complete the details of their bids.

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Former Chelsea player Eddie Newton believes players should use their losses against rivals Brentford and use their ownership speculation to push themselves forward.

Raine plans to wait for Premier League clearance for the four consortia before submitting a preferred bidder to the government.

Evaluation of the four proposals by the English football elite has already begun after the remaining consortiums submitted details of their main investors to Raine ten days ago.

The Premier League is expected to consider those involved in the deals for the remainder of this month – including a number of US billionaires and stalwarts from British establishments – and the work of approving the four consortia means the process may have to happen. 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.

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Competing to become the next Chelsea owner, LA Dodgers co-owner Todd Boehly was at Stamford Bridge for a Champions League match against Real Madrid.

Alongside Mr Pagliuca’s consortium, bidders include: a group led by Sir Martin Broughton, former chairman of Liverpool and British Airways, and which includes billionaire Crystal Palace shareholders Dave Blitzer and Josh Harris; a proposal led by Todd Boehly, co-owner of LA Dodgers, and which includes the backing of Clearlake Capital, an American investment firm; and the Ricketts family, owners of the Chicago Cubs, who partner with Cleveland Cavaliers owner Dan Gilbert and hedge fund boss Ken Griffin.

The remaining four bidders traveled to London last week to meet with Chelsea board members, managers and Raine, who are vying to finish Mr Abramovich’s 19-year term.

They have all been told that they must legally commit to investing at least £1bn in the club’s infrastructure, academy and women’s team if they buy it in the coming weeks.

The sales process has been complicated by sanctions against Mr. Abramovich and the buying spree of last season’s Champions League winners.

Among them, the latest bidders control or own stakes in a legion of North American teams that include baseball, basketball, and ice hockey.

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Chelsea owner Roman Abramovich continues his role in the Ukraine-Russia peace talks despite reports that he was poisoned during similar talks earlier this month.

The cluster of American sports billionaires surrounding Chelsea highlights how the Premier League has become a magnet for investors from across the Atlantic over the past 20 years.

Arsenal, Liverpool and Manchester United were acquired by US-based businessmen during this period, and a significant number of other top clubs also enjoy US support.

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.

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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, Mr. Abramovich first offered to transfer the club to his foundation, and then officially put it up for sale.

Mr. Abramovich had initially put a £3 billion price tag on the Stamford Bridge team, with the net proceeds going to a charity set up to benefit war victims in Ukraine. He also said he plans to cancel the £1.5bn loan he’s given to the club.

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.

While a spokesperson for Mr Pagliuca declined to comment, none of those joining his consortium could be reached for comment.