From the Chicago Sun Times last week came what felt like a sombre warning for Chelsea fans.
“Cub owners go from crying poor to trying to buy Chelsea FC,” read the headline for what was a withering takedown of the Ricketts family and their perceived failure to invest in the baseball team they own.
Meanwhile, from Saudi Arabia, comes news of a £2.7billion bid for the European champions, which is believed to be the highest offer yet.
A consortium fronted by American billionaire Todd Boehly and British property tycoon Jonathan Goldstein have already tabled their bid and are said to be emerging as leading contender to buy Chelsea, while British property billionaire Nick Candy has also made clear his intentions to buy the club he has supported since childhood. The problem for Chelsea fans is they just do not know what they will get.
These are dizzying and confusing times. And for the fans who still insist on singing Roman Abramovich’s name despite his ties to Vladimir Putin, pictures of him sitting in an airport lounge in Tel Aviv yesterday must have felt like seeing an ex pop up on your social media feed.
Amid all the uncertainty engulfing the club, it feels like a given that the next owner will not be as benevolent as the Russian, who has written off £1.5bn in personal loans to fund his grand design of transforming Chelsea into a footballing super power.
Perhaps that is why news of the Saudi Media Group-led consortium’s interest has generated such excitement among sections of fans. Perhaps only they could match the sort of spending that enabled Abramovich to complete the full set of major trophies during his 19-year-rule.
They are just one of a growing number of names linked with a buyout as the Friday deadline for offers set by US merchant bank Raine Group approaches.
Yet there remains the lingering suspicion that the next owner of Chelsea is yet to be mentioned. Industry experts will tell you that anyone serious enough to come up with the type of money to do a deal like this has no need for self-publicity and can forget the PR, with no need to alert rivals to their interest.
Swiss billionaire Hansjorg Wyss’s decision to make public Abramovich’s attempts to sell during an unrelated interview at the start of the month was also curious. He, Boehly and Goldstein’s consortium are emerging as leading contenders. Boehly is a stakeholder in the LA Dodgers, while Goldstein is a London-based financier who supports Tottenham. Goldstein’s potential involvement is regarded as significant, given the expertise he could bring if his consortium do wish to redevelop Stamford Bridge.
Wyss’s reason for letting their candidacy be so widely-known has been treated with an element of suspicion within some quarters. The silence from the Ricketts family and, likewise, New York Jets owner Woody Johnson is more in keeping with what is expected of prospective buyers.
The concern for Chelsea fans is that their silence would continue even after they assume control — in the manner of Stan Kroenke at Arsenal or the Glazers at Manchester United.
Among the accusations labelled at the Ricketts in the Chicago Sun Times was a refusal to spend on players, an exodus of talent and a sneering attitude towards questions as to why more money is not forthcoming.
“I think there’s a perception that we hoard cash and that we take money out that’s all sitting in a pile we’ve collected over the years,” said chairman Tom Ricketts in an interview with ESPN in 2020. “Well, we don’t.”
It is understandable then that Cubs fans should be so miffed about a spare £2.5bn suddenly being available to buy Chelsea. Meanwhile, Chelsea are unaccustomed to being lectured to about fiscal constraints.
There will be natural scepticism about American bids, given the ownership model witnessed at Premier League clubs, with even Liverpool’s success under Fenway Sports reliant on balancing the books and the genius of Jurgen Klopp. One reason cited by insiders for going public is the belief that popular support could be a determining factor.
That is where Candy’s pursuit is so intriguing. The general feeling among financial figures is that bids are likely to be in the region of £2.5bn. So it is not simply a case of money, but the suitability of any prospective owner.
Before his sanctions, sources close to Abramovich claimed the future success of the club would play a key role in his decision process.
Candy is already emerging as a populist choice. His pitch has much to entice supporters — not least his commitment to appointing a fan representative to the board. The £1.5bn redevelopment of Stamford Bridge is also a major part of his plans — again striking a chord with fans who have seen rivals Arsenal and Tottenham build state of the art stadiums.
As a property expert, he could achieve what even Abramovich could not by shaking Chelsea free from the shackles of their outdated ground. Meanwhile, his offer over the weekend of a loan to stave off financial ruin during the restrictive licence the club has been placed under pointed to a man with Chelsea in his veins.
Candy’s messaging has been on point. But with as many as 200 would-be owners said to have registered interest, the most expensive of match-making services still feels wide open.
