Bidders ready for final battle to own Chelsea FC

Russian billionaire Abramovich who has owned Chelsea for almost 20 years and has put the club up for sale after Russia’s invasion of Ukraine

Bidders have sought to swoop on the rare chance to buy one of the top clubs in the English Premier League - the world's richest football division.

At least three groups of mainly American investors have made it through to what is expected to be a final phase of the bidding war for Chelsea Football Club, according to people familiar with the situation.

While more bidders may still make the next round, those already there include a consortium led by former Guggenheim Partners executive Todd Boehly, another by Apollo Global Management co-founder Josh Harris, and a third by the Ricketts family, the owners of Major League Baseball’s Chicago Cubs who have teamed up with the billionaire US hedge fund manager Ken Griffin.

The Raine Group, the New York-based merchant bank handling the sale for Chelsea’s owner Roman Abramovich, has been weighing offers submitted by last Friday’s deadline. It has now informed some of those who haven’t made the cut, the people said, asking not to be identified discussing confidential information. A representative for Raine didn’t immediately respond to a request for comment.

Bidders have sought to swoop on the rare chance to buy one of the top clubs in the English Premier League - the world's richest football division. Another investor chasing the club is the UK property developer Nick Candy. One group led by Centricus Asset Management offered more than £3bn (€3.54bn) for Chelsea.

A deal in that price range would easily mark the biggest takeover of a European football club, passing the US Glazer family’s acquisition of Manchester United FC for more than £700m (€838m) in 2005.

Russian billionaire Abramovich has owned Chelsea for almost 20 years. He put the club up for sale after Russia’s invasion of Ukraine, which prompted the UK government to place him under far-reaching sanctions for his ties to President Vladimir Putin’s regime.

The huge interest in the club from US investors reflects the recent flood of American money into the world’s most popular sport. Harris already owns a stake in Crystal Palace FC. For his Chelsea bid, he has the backing of Martin Broughton, a former chairman of British Airways and Vivek Ranadive, a co-owner of the US NBA franchise the Sacramento Kings.

The sale of Chelsea could yet come down to more than money. Any new owners will need to pass the Premier League’s fit and proper tests. The UK government, which has frozen Abramovich’s assets and will need to grant a special license for a sale to go ahead, could also get involved if a bidder doesn’t meet its expectations.

Bloomberg