Chelsea's new owners are expected to be in place by the beginning of May with the merchant bank behind the sale setting a deadline of April 11 for the four shortlisted groups to submit final offers. Raine Group aim to present the preferred bid to the government a week later, at which point the terms of the club's operating licence will be amended to allow a transfer of ownership.
From there the prospective buyer will need to satisfy the Premier League's owners' and directors' test with chief executive Richard Masters saying at the recent Financial Times Business of Summit event that the quickest the process has previously been completed is 10 days. Should the process move swiftly and without surprise issues, the deal could be completed in time for the team's penultimate home league game against Wolves on May 7.
The four groups on the shortlist are led by Todd Boehly, a part-owner of the LA Dodgers; Sir Martin Broughton, a former British Airways chairman; the Ricketts family, owners of the Chicago Cubs; and a group led by Atalanta and Boston Celtics part-owner Stephen Pagliuca.
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Raine have informed all four groups that they must commit at least £1billion to invest in the playing squad and Stamford Bridge's redevelopment. All four groups have experience of running high-profile teams but there are questions around the Broughton bid being backed by Crystal Palace minority owners Josh Harris and David Blitzer. They will need to divest their stake in the south London club to satisfy the Premier League's test. Similarly, Pagliuca's shares in Atalanta will need to be sold if the clubs were to meet in UEFA competitions.
The Ricketts family, meanwhile, have faced calls not to be considered owing to a number of problematic remarks made by family members, including Pete Ricketts last week saying that he would attempt to make abortion illegal in Nebraska, where he is governor.
As revealed by football.london, the government is unlikely to impose any hard conditions apart from ensuring Roman Abramovich does not receive any money from a sale. That means the decision to offer the club’s supporters a “golden share” or added representation will likely be at the discretion of the new owners, although the Chelsea Supporters’ Trust have been lobbying the groups and in Westminster.
Raine may give preference to a group committed to giving fans a say with the New York-based bank making it clear that the biggest financial offer does not guarantee success.
