Kings owner Vivek Ranadive has yet to find the formula for success in the NBA, but maybe he will find his footing in the English Premier League.
Ranadive reportedly wants to purchase Chelsea FC from Roman Abramovich, the Russian oligarch who announced last week he plans to sell the club. Sources told Sportico that Ranadive is "putting the final touches" on a bid for the London-based soccer team.
Ranadive was seen sitting in his usual courtside seat during the Kings' game against the New York Knicks on Monday night at Golden 1 Center, but team officials declined to comment on the Sportico report.
Ranadive, 64, grew up in Mumbai, India. He came to the United States for college, earning degrees from MIT and Harvard before amassing a fortune as the founder of Teknekron Corp., TIBCO Software, and Bow Capital.
Ranadive became co-owner of the Golden State Warriors in 2010 before purchasing the Kings in 2013 at a total franchise valuation of $534 million, which was an NBA record at the time. The team is now valued at more than $2 billion despite suffering 16 consecutive losing seasons, including nine under Ranadive. Sportico noted Ranadive would be the first person of Indian descent to own a top-flight English club if he is successful in his bid to buy Chelsea FC, a distinction he already holds in the NBA.
Abramovich, a close confidant of Russian president Vladimir Putin, announced his decision to sell the team amid outrage over Russia's invasion of Ukraine. The move comes as Russian oligarchs face potential asset freezes and forfeitures due to international sanctions levied in response to the Russian invasion.
"I would like to address the speculation in media over the past few days in relation to my ownership of Chelsea FC," Abramovich said in a written statement. "As I have stated before, I have always taken decisions with the Club's best interest at heart. In the current situation, I have therefore taken the decision to sell the Club, as I believe this is in the best interest of the Club, the fans, the employees, as well as the Club's sponsors and partners.
"The sale of the club will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid. This has never been about business nor money for me, but about pure passion for the game and Club. Moreover, I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated. The foundation will be for the benefit of all victims of the war in Ukraine. This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery."
ESPN has reported New York Jets owner Woody Johnson and Los Angeles Dodgers part-owner Todd Boehly are also preparing to make bids for Chelsea FC. Sky News has identified Chicago Cubs owner Tom Ricketts as another potential bidder.
