Bids raised to take ownership of Chelsea from Abramovich

LONDON (AP):

The public lobbying to be chosen as a preferred bidder for Chelsea stepped up yesterday as increased offers were being mulled by bankers tasked with selling the English Premier League club for sanctioned owner Roman Abramovich.

British property tycoon Nick Candy revealed he “significantly” increased the amount offered, having already submitted a bid of more than two billion pounds (US$2.6 billion) for the club on Friday to the New York-based bank, the Raine Group, overseeing the process.

Abramovich is being forced to sell the reigning world and European champions after he was sanctioned in Britain and his assets were frozen as part of a crackdown on oligarchs, following Russia’s invasion of Ukraine. The Russian was also disqualified from running the west London club and being a director by the Premier League.

The British government has to approve a licence for the buyout, which cannot see Abramovich receiving any proceeds from the sale.

Candy’s ‘The Blue Football Consortium’ features proposed investment from South Korea companies, including Hana Financial Group, C&P Sports Group and a third undisclosed entity.

The unusual public tussle to buy such a significant team in world football is reflected in the public declarations of the bidders seeking to win over fans as well as the decision-makers.

“This remains a once-in-a-lifetime opportunity to give football back to the fans and put them at the heart of the operations and strategy of Chelsea Football Club,” Candy said.

A new bidder emerged yesterday, London-based global investment firm Centricus, which says it oversees US$38 billion in assets.

Another consortium features Todd Boehly, part-owner of the Los Angeles Dodgers; Swiss billionaire Hansjorg Wyss; and Jonathan Goldstein, a London-based property investor who is CEO of Cain International. They are said to have raised a bid to exceeding 2.5 billion pounds (US$3.3 billion).

Michael Broughton, the former chairman of Liverpool and British Airways, is leading a consortium that includes track great Sebastian Coe, who is president of World Athletics, an IOC member and a Chelsea fan.

The Ricketts family, who owns the Chicago Cubs, have linked with hedge fund manager Ken Griffin in a consortium. The family fortune was made by Joe Ricketts as chairman of electronic trading platform TD Ameritrade. His son, Tom Ricketts, serves as Cubs chairman.

Chelsea have won 21 trophies in 19 years of Abramovich’s ownership, relying on his lavish investment to become one of Europe’s most successful clubs.

Until a new owner comes in, or the government eases restrictions, Chelsea’s ability to spend and generate revenue is curbed under the terms of the licence. That means being unable to sell tickets to games; hence only season-ticket holders can go to Stamford Bridge for Premier League games.

The home leg of the Champions League quarter-final against Real Madrid is due to be played in an empty stadium.