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Roman Abramovich makes ‘incredibly difficult decision’ to sell Chelsea
The sale of Chelsea FC continues to drag on as the New York merchant bank overseeing the process, the Raine Group, compiles a shortlist of three preferred offers.
The various interested parties had expected to receive word on whether they had made the final three early this week but the complexity of the deal and information involved has meant more time is needed, despite the clear urgency of the matter following Roman Abramovich’s santions by the UK government.
British property tycoon Nick Candy revealed he “significantly” increased the amount offered for the club. American-backed bids from LA Dodgers part-owner Todd Boehly and Chicago Cubs owners the Ricketts family are among the frontrunners to take over - although a supporters group have expressed their distaste at the Ricketts bid - while Sir Martin Broughton and Lord Sebastian Coe have a potent offering lodged and Saudi Media Group is another of the bids understood to carry clout. London-based global investment firm Centricus confirmed its bid to buy Chelsea on Monday, with a consortium comprising four Blues supporters.
Chelsea are currently banned from selling match tickets to fans but the FA are ‘working with government’ to allow Blues fans to purchase tickets to their upcoming FA Cup semi-final against Crystal Palace.
Follow all the latest Chelsea takeover news below:
Thomas Tuchel impressed by players’ reaction to Chelsea off-field uncertainty
Chelsea boss Thomas Tuchel insisted he has been impressed rather than surprised by the way his players have handled the uncertainly surrounding the club.
Asked if he had been surprised, Tuchel said: “They have impressed me – not surprised, but impressed.
“At one point, we needed to accept that we did not cause the situation and we cannot influence the situation, we cannot change the situation no matter what we do and how much we talk about it and how much we worry.”
Luke Baker23 March 2022 13:35
FA ‘working with government’ to allow Chelsea to sell tickets for cup semi-final
Roman Abramovich’s UK Government sanctions currently bar the Blues from selling any new tickets, but the Football Association has announced it is in talks with the Government over amendments to the club’s operating licence to allow tickets to be sold for next month’s Wembley showdown.
“We hope to have sell-out crowds at both of our Emirates FA Cup semi-finals at Wembley Stadium,” an FA spokesperson said.
“This includes tickets for Chelsea supporters for their match against Crystal Palace, and we are working with the Government on a method to achieve this whilst respecting the sanctions that are currently in place on Chelsea.”
Luke Baker23 March 2022 13:22
AC Milan owners among minority backers for Nick Candy bid
Elliott Management is one of the most prominent names in global finance, lobbying for change on the boards of some of the world’s biggest companies, and have controlled AC Milan since 2018.
According to Sky News, City sources said on Wednesday that Elliott’s stake in Chelsea would be below the threshold regarded by UEFA as problematic in relation to dual club ownership. It would also hold no voting or governance rights, one of the sources said.
Luke Baker23 March 2022 13:08
Centricus emerge as bidder for Chelsea
Four Chelsea fans are behind London investment firm Centricus’ bid to buy the Blues, pledging “exemplary custodianship” of the Stamford Bridge club.
Global investment specialist Centricus manages a £29 billion fund, with co-founder Nizar Al-Bassam and chief executive Garth Ritchie both big Chelsea fans.
Fellow supporters Cheyne Capital hedge fund manager Jonathan Lourie and Talis Capital’s Bob Finch have joined forces with Centricus for a bid to buy Chelsea that was submitted ahead of Friday night’s deadline.
Centricus is the latest to declare its candidacy to buy Chelsea, revealing its intentions to maintain the Blues’ status as one of the globe’s elite teams.
Luke Baker23 March 2022 12:55
Sir Martin Broughton vows Chelsea will never have to fight for future again
Sir Martin Broughton has vowed Chelsea would never again face another fight for their future should he win the battle to buy the Stamford Bridge club.
The former British Airways chairman has submitted his consortium bid to buy Chelsea, alongside fellow Blues fan and World Athletics president Lord Sebastian Coe.
Major US financier Michael Klein has a prominent role in Broughton’s bid, that pledges to keep Chelsea at European football’s pinnacle.
Amid a proposal to put fans at the centre of club decision-making, Broughton pledged to stop Chelsea ever suffering again from geopolitical shifts.
“The plan will guarantee that the club is never beholden to a single individual or sovereign wealth fund, ensuring that the club never faces a crisis like this again,” read a statement outlining Broughton’s plans.
Luke Baker23 March 2022 12:41
Roman Abramovich ‘in talks’ to buy new football club, according to Turkish media
Abramovich put Chelsea up for sale in early March before he was hit with sanctions by the UK government and had his assets frozen as a direct result of Russia's invasion of Ukraine, but is still able to sell the club - providing he doesn’t benefit from the proceeds.
And now, Fanatik have stated that the Russian billionaire is keen to remain within football, so has started negotiations to buy Turkish Super Lig club Goztepe. Turkey is currently not applying sanctions to Russians, and Abramovich’s superyachts have been seen docking in Turkey.
Goztepe president Mehmet Sepil recently announced that he would be leaving his role at the club but would would keep hold of duties until a replacement was found and talks between him and Abramovich’s representatives have supposedly already begun.
Luke Baker23 March 2022 12:38
Bids raised to take ownership of Chelsea from Roman Abramovich
The public lobbying to be chosen as a preferred bidder for Chelsea stepped up 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 £2 billion ($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.
Another consortium that bid 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. 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 own 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.
Luke Baker23 March 2022 12:27
Chelsea takeover: Shortlist of three bids set to be decided ahead of sale
Raine Group, the US bank overseeing the sale of Premier League club Chelsea, plans to narrow down the shortlist of bidders to three.
Raine set a deadline of 2100 GMT last Friday for bids to be made, with several being made public, while sources close to the deal said many more had been submitted privately.
Some are only just being made public now, with London-based global investment firm Centricus confirming on Monday that they had offered to buy Chelsea, a bid driven by co-founder Nizar Al-Bassam and CEO Garth Ritchie, who are both said to be Blues season ticket holders.
Luke Baker23 March 2022 12:15
Will the Chelsea takeover be a watershed moment for the Premier League?
The sale of Chelsea will tell us if football has actually learned much over the last few weeks, and whether we are moving into a new era, where the game is more alert to how it has been hijacked by far higher powers, writes Miguel Delaney.
This entire Chelsea story has articulated a number of core issues for the governance of the sport. There is the unquestioning embrace of any money, the protection of clubs, the slowness of regulation and – most of all – just how precariously subject football is to forces way beyond its control. This is the geopolitical position the game has got itself into.
The forced departure of Roman Abramovich exploded the aloof fantasy the Premier League could forever go untouched by real-world concerns.
The tide is coming out, to paraphrase Warren Buffett, and it’s only now we’re discovering who’s been swimming with emperor’s – or perhaps state – clothes. Where once the Premier League saw international investment at so many clubs as piles of cash, it now looks like a lot of potential problems and financial holes.
Luke Baker23 March 2022 11:59
Chelsea supporters group urges Ricketts family bid to be turned down
Chelsea supporters view the Ricketts family’s bid to purchase the club with “universal disdain” owing to their political views and donations and want it to be rejected, according to the leader of a prominent fans’ group.
American firm Raine Group is conducting the club’s sale, and a variety of bids from individual billionaires and consortiums have been submitted. One bid has come from the Ricketts family, the owners of the Chicago Cubs.
The bid is being fronted by Cubs chairman Tom Ricketts, whose father Joe came in for heavy criticism in 2012 after calling muslims “the enemy” in the United States.
In 2016, the elder Ricketts donated at least one million dollars to Donald Trump’s presidential campaign, while son Pete Ricketts has served as governor of Nebraska since 2014 and has faced criticism for his support of the death penalty, backing of Trump during his impeachment trial, and climate change scepticism.
Now the head of the Chelsea Chicago Supporters Club Brian Wolff says that the family’s bid must be rejected.
Luke Baker23 March 2022 11:46