Schedule, deadlines for Chelsea takeover emerges
This is now the time that potential new owners of Chelsea are being asked to put their plans, and money, where their mouth is.
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With four groups on the shortlist to become the new owners of Chelsea (there is a 75 percent chance they will be owner by a group headed by an American) it has been widely reported that final bids will be due on Monday, April 11 as the process speeds up.
Our partners in the UK at Sky Sports believe that Chelsea’s new owners could be in place by the end of April, which is a few weeks longer than most of the consortiums bidding to buy the west London club had previously hoped for.
These kind of deals are very complicated and there is still a lot to sort out as Chelsea aim to secure their future after Roman Abramovich was forced to sell the club amid UK sanctions for his close involvement with the Russia government and its president Vladimir Putin.
The UK government has since allowed Chelsea to continue to operate on a limited license, while they will also oversee the process of the sale of the club. Raine Group, the bank overseeing the sale, says that over $1.3 billion must be put to one side to invest in Chelsea’s future which will be used to invest in Stamford Bridge, the training ground, playing staff and more.
Who are the four groups trying to buy Chelsea?
Via our partners in the UK at Sky Sports, here are more details on the four groups who are left in the running to buy Chelsea:
- Sir Martin Broughton, the former British Airways and Liverpool FC chairman, and Lord Coe, the former British Olympian turned sports administrator and businessman, are fronting a bid that has the financial firepower of Josh Harris and Dave Blitzer, two wealthy American financiers. That consortium also includes Vivek Ranadive, an Indian-born entrepreneur, and a syndicate of other investors from around the world whose identities are expected to be confirmed in the coming days.
- Todd Boehly, the LA Dodgers part-owner, and includes Jonathan Goldstein, the London-based property developer, and Clearlake Capital, a US-based investment firm.
- The Ricketts family, which owns the Chicago Cubs, and the Citadel hedge fund billionaire Ken Griffin, with the US investment bank Lazard in talks to advise it.
- Stephen Pagliuca, an American private equity billionaire who owns the Boston Celtics and Atalanta in Italy’s Serie A.
What are the deadlines for the sale of the club?
Here are the latest deadlines being reported:
- Monday, April 11: Final bids must be in by this date
- Monday, April 18: UK government to announce preferred buyer
- April 18-25: License to be issued by UK government for sale of Chelsea to be complete
- April 18-30: Premier League will make decision on whether to confirm takeover. It is expected the new owner will charge of Chelsea Football Club by the end of April