Several groups to have submitted bids to buy Chelsea are expecting to hear an initial update around the bidding process from the Raine Group later today (Monday), with an expectation that the weakest offers will receive notice of rejection.
Raine, the New York-based investment bank that has overseen the process since Roman Abramovich first announced an intention to sell, have been evaluating the bids since Friday's 9pm deadline and they have spent the weekend filtering out the weakest. It is unclear when preferred bidders will be notified but progress is expected to be quick owing to the financial pressure placed on the club.
A couple of consortiums, including the frontrunner led by LA Dodgers part-owner Todd Boehly, have claimed that they could complete the deal in time for Chelsea's next home game, against Brentford, on April 2. Richard Masters, the Premier League chief executive, has previously said that the fastest a takeover has been completed is 10 days.
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Once Raine have decided on a preferred bid, they will go to the government with an application to have the terms of the club's special operating licence amended to allow a sale to proceed.
The government will seek proof that no money will reach Abramovich, who is on the Russian sanctions list, and last week senior Westminster sources indicated to football.london that no other significant conditions will be placed on the deal by Downing Street or the Department for Digital, Culture, Media and Sport. At that stage the prospective buyer will face the Premier League's Owners' and Directors' Test.
There have been reports that close to 40 bids were registered before Friday's deadline and up to 10 have gone on the record to confirm applications. Saudi Media have since confirmed they submitted an offer shortly before the window closed despite rumours that they had not. Josh Harris, the Crystal Palace minority owner, has been linked to several consortiums but his stake in the South London club will be a significant complication.
