The owners of the Chicago Cubs have confirmed they have launched a bid to buy Chelsea.
The Ricketts family, owners of the iconic baseball team, have teamed up with billionaire hedge fund tycoon Ken Griffin as part of a consortium. US bankers Raine have set a deadline of Friday for potential owners when they will choose a preferred bidder to take over from Roman Abramovich.
It is understood there are up to six serious bidders on the table to buy out Abramovich who has put the club up for sale with the Russian oligarch having since been placed under sanctions by the UK Government and been disqualified as a director.
But all the interested parties will have to provide proof of funds and also outline their proposals ahead of Friday’s deadline which explains the sudden rush for some of the potential buyers to get further backing. The Ricketts family is an interesting development as they are independently wealthy, they are teaming up with Griffin who adds further financial clout. Griffin is founder and chief executive of the Citadel hedge fund.
The Ricketts family could potentially join the likes of Stan Kroenke and the Glazers as US owners of Premier League clubs and they believe they have the finances to build on Chelsea’s success. They have overseen a remarkable success at the Cubs as they won the World Series and have completed an £800m ($1bn) renovation of the team’s iconic home, Wrigley Field.
A spokesman for the Ricketts family said: “As long-time operators of an iconic professional sports team, the Ricketts Family and their partners understand the importance of investing for success on the pitch, while respecting the traditions of the club, the fans and the community. We look forward to sharing further details of our plans in due course.”
The other serious contenders include US tycoon Todd Boehly, co-owner of LA Lakers and LA Dodgers, who has joined up with Swiss billionaire Hansjorg Wyss and London property investor and Tottenham fan Jonathan Goldstein.
New York Jets owner Woody Johnson wants to buy Chelsea while British businessman Nick Candy is another contender but he has denied any talks have taken place with Boehly’s group and his spokesman says he did not want to team up with a “lifelong Spurs fan.” The Saudi Media Group are reported to have made a bid as well as Ghanian businessman Bernard Antwi Boasiako.
Raine, who are brokering the deal, will choose the preferred bidder, ask the Government for a special licence to facilitate the deal and then expect the takeover to be pushed through quickly. The Government will take a hands-on role to ensure Abramovich does not profit in any way.
