Topline
A group led by the billionaire Ricketts family, the owner of baseball’s Chicago Cubs, withdrew their bid to buy the English soccer team Chelsea F.C. from Russian oligarch Roman Abramovich, a group spokesperson said Friday, narrowing the field of bidders to three groups.
Key Facts
The spokesperson for the Ricketts consortium, which also included billionaire Ken Griffin and billionaire Dan Gilbert’s Rock Entertainment Group, told Forbes it decided to pull out because “it became increasingly clear that certain issues could not be addressed given the unusual dynamics around the sales process.”
Many Chelsea F.C. fans have opposed the Ricketts family’s bid for the team over Islamophobic comments by a member of the family, with fans staging a protest earlier in the month, but a source told ESPN the backlash was not a reason for the group’s withdrawal.
Abramovich took over Chelsea for around $190 million in 2003, and the team is valued at $3.2 billion, according to Forbes’ estimates.
Key Background
There are now three groups vying to buy Chelsea: billionaire Josh Harris and his partner David Blitzer, who are part-owners of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils; Stephen Pagliuca, co-owner of the Italian soccer team F.C. Atalanta and the Boston Celtics; and billionaires Mark Walter, Todd Boehly and Hansjörg Wyss. Abramovich put Chelsea up for sale in early March. The New York-based bank Raine is managing the auction process and it will choose one bidder and seek approval from the United Kingdom government.
Further Reading
Chelsea takeover: Ricketts family’s consortium withdraws from race (Guardian)
Ricketts Family present Chelsea fans with eight-point plan for club’s future (The Athletic)
