March 24, 2022
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By Peter Hall
MANCHESTER, England (Reuters) – A consortium of investors Todd Boehly, Hansjorg Wyss and Jonathan Goldstein has been selected in the auction for English Premier League Chelsea, a source familiar with the matter told Reuters.
Chelsea were put up for sale by Russian billionaire Roman Abramovich after the Russian invasion of Ukraine, saying the proceeds would be donated to charity. He was sanctioned by Britain this month, so the winning bidder for Chelsea should get the green light from the government.
The value of the offer made by the group led by Boehly – former chairman of Guggenheim Partners, whose investment firm Elridge now invests in many companies – could not be ascertained.
Other bidders are expected to be notified by US bank Raine Group, which oversees the sale, of whether they were on a limited list, sources said. Bid reviews have slowed the process.
The Financial Times reported Thursday that the consortium led by private equity veterans Josh Harris and David Blitzer, which owns sports teams including the Philadelphia 76ers National Basketball Association, also made the list. They would have to sell 40% of their shares to Crystal Palace, another English football team, if Chelsea were to succeed.
Saudi Arabia’s media outlets were not included in the list, a group adviser told Reuters, while Sky News reported that other bidders, including Woody Johnson, owner of the New York Jets, had also been excluded.
AC Milan-owned hedge fund Elliott Management has joined the Blue Football consortium led by Nick Candy as a “small investor” in their bid for Chelsea, sources close to the bid said.
Eliot has contributed a “multimillion-pound amount” to the offer, sources told Reuters.
The offer of the British real estate development company Candy’s increased on Monday after joining “another large Korean financial institution”, the parties said in a statement, with sources adding that the consortium increased further on Thursday.
Eliot bought Milan in 2018 and has since helped the Italian giants become much more competitive in Serie A. The team is at the top of the standings, chasing its first league title in 11 years.
Candy was first joined by South Korean companies Hana Financial Group and C&P Sports Limited before the new investors joined.
THE SAUDI MEDIA IS LOSING
A Saudi Media Group adviser told Reuters that their offer for Chelsea had been rejected and they had been informed by Raine that they were not on the list.
They added that the offer, led by businessman Mohamed Alkhereiji, who allegedly owns a season ticket to Chelsea, would be open to affiliation with another consortium on the list.
Sources close to the process said that Chelsea did not want to deal with Saudi money because of possible complications and controversies that could add an additional obstacle to a quick sale.
Others who have made their offerings include Chicago Cubs owners, the Ricketts family, and the couple of former Liverpool president Martin Broughton and World Athletics president Sebastian Coe.
London-based global investment firm Centricus also said it had offered to buy Chelsea, a move led by co-founder Nizar Al-Bassam and CEO Garth Ritchie, who are said to hold season tickets.
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(Report by Peter Hall, additional by Krystal Hu and Greg Roumeliotis, edited by Pritha Sarkar and Toby Davis)
The team led by Todd Boehly is making an offer for Chelsea
Source link The team led by Todd Boehly is making an offer for Chelsea