Chelsea's four prospective buyers have been given an April 11 deadline to submit their final bids.
US brokers Raine have identified four preferred bidders to go into the final process and they will now have to make their detailed offers in just two weeks’ time. They have all been told they must commit to £1billion of future spending and be committed to a stadium redevelopment for Stamford Bridge.
Boston Celtics co-owner Stephen Pagliuca, 67, was the surprise final name to join the interested parties on Friday as the US billionaire co-chairman of Bain Capital has put forward his initial offer.
Chicago Cubs owners the Ricketts family, former Liverpool chairman Sir Martin Broughton and LA Dodgers part-owner Todd Boehly are the other bidders still in the race. They have all put forward their initial offers for what will be a very quick sale as Russian owner Roman Abramovich has been put under Government sanctions following Russia ’s invasion of Ukraine.
But they will be offered the chance to make improved bids and put forward more detail on the stadium development which is seen as being key in any successful bid. Stamford Bridge has a 40,000 capacity and even Abramovich with his wealth was unable to solve the stadium issue which was seen as a major stumbling block in any sale because the freehold was given to the Chelsea Pitch Owners to protect the site from developers.
However, all four will have to make their plans clear for a new stadium development with Abramovich believed to value the club at around £3billion and he has also said publicly he would write off £1.5bn owed to him by Chelsea. US tycoon Boehly’s consortium has been seen as the early favourite but faces strong competition with Broughton’s group containing Chelsea fan and sporting expert Sebastian Coe and their bid is likely to garner support from within.
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The Ricketts family - backed by US tycoon Ken Griffin - have faced major obstacles over alleged racist remarks made in the past by Joe Ricketts in 2012 in which he is reported to have said Muslims were "naturally my enemy". Representatives of their bid met with the Chelsea Supporters’ Trust but they say they have yet to be satisfied despite attempted reassurances.
"My family and I are very grateful to all the fans and supporters’ groups who took time to meet with us this week and share their passion and concerns for Chelsea Football Club. It’s clear you have nothing but the best interests of the club at heart," Tom Ricketts said last week. The Ricketts family did oversee an £800,000 redevelopment of the Cubs’ iconic home ground Wrigley Field and would have been an ideal candidate but now must overcome the fans’ misgivings.
Government chiefs will have to issue a licence for the sale to progress but the April 11 deadline will mean the club is still on course to be sold by the end of next month which would be a remarkably quick transaction considering all of the issues.
