The timeline for Roman Abramovich’s sale of Chelsea has become clearer after the bidding process was whittled down to four potential buyers .
Things have moved quickly in west London after Abramovich formally announced his intention to sell the club on March 2. After being inundated with interested parties, Raine Group, the US merchant bank tasked with overseeing the process, shortlisted four bids to progress to the next stage last week.
American Todd Boehly, who has joined forces with Swiss businessman Hansjorg Wyss, Chicago Cubs owners the Ricketts family, former Liverpool chairman Sir Martin Broughton, who has financial backing from Crystal Palace co-owners David Blitzer and Josh Harris and the expertise of Sebastian Coe, and Boston Celtics owner Stephen Pagliuca are the buyers still in the race.
The four bids have been given until April 11 to submit their final detailed plans for the takeover from Abramovich, who is selling the club he has owned since 2003 after being sanctioned by the UK government following Russia ’s invasion of Ukraine. Sky News reports that by a week later, on April 18, ministers and the Premier League will have been presented with Chelsea’s preferred bid.
That step will pave the way for the government to issue a licence enabling the sale and could allow a change of ownership to take place by the end of April. The quickness of the deal suits Abramovich, who is seeking around £3billion, and the club itself, who are seeking clarity and hoping the takeover is finished before the end of the current season.
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Premier League chief executive Richard Masters explained earlier this month that the deal could be pushed through quickly, provided everything was in order. “I think the quickest [sale] we have ever done is 10 days, that’s not to say that record can’t be beaten but normally it takes a number of weeks,” he said at the Financial Times Business of Football Summit.
“It all depends on the complexity of the deal and the number of potential owners. Provided the information is easily digestible, easily understandable and gives us all the right answers it can be done relatively quickly.”
Key to the bidding process will be the four consortium’s plans for Stamford Bridge. The prospective owners have been told by Raine that they must commit at least £1bn to future investment in the club and a redevelopment of the 40,000 capacity stadium is central to that figure.
The freehold for Stamford Bridge is owned by the Chelsea Pitch Owners, not the club itself, which has complicated previous plans to expand the capacity of the stadium. The four remaining bidders all have experience in sports stadium infrastructure, which is understood to have been an important part of their shortlisting by Raine.
According to Sky News, the US merchant bank will assess the four bids on criteria which include: the level of equity and debt funding, the price, plans for future investment, the potential speed of the deal and whether they would be an appropriate steward for the club in the long term.
