It seems that Boston Celtics co-owner Steve Pagliuca‘s group bidding to buy Premier League football (as in soccer) club Chelsea is advancing as one of the final three groups still standing in the bidding process, but “are reportedly being quizzed about long-term plans” for the franchise, according to City AM’s Ilaria Grasso Macola.
The three remaining consortia — which include Sir Martin Broughton, Los Angeles Dodgers’ Todd Boehly, and Pagliuca’s group — were “asked to confirm future expenditure, (and) to guarantee long-term financial commitment of investors” per Macola. “Raine and the club’s board seem to be focused on ensuring they pick the bidder that will be the best steward of Chelsea over the long term,” an investor is quoted in the article as saying.
“From our perspective, we welcome that,” added the anonymized investor. “Consortia were also told they would need to provide at least £1bn investment to support the club’s infrastructure development as well as its academy and women’s team,” notes the CTY AM writer.
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It is unclear how much longer it will take to satisfy all aspects of the process beyond the board’s due diligence (and getting their approval), but Pagliuca’s group remains a strong candidate for now.
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