People close to the bidding process for Chelsea believe the Raine Group will have whittled down the potential buyers to a shortlist of preferred options on Wednesday – or, at the very latest, the end of the week.
The American merchant bank, instructed by Roman Abramovich to sell the club he bought 19 years ago after he was sanctioned by the Government for links to Russian president Vladimir Putin, has presided over what is usually a highly confidential process thrust into the spotlight by the unprecedented and extraordinary situation Chelsea found themselves in.
Bidders have publicly made their case, staked claims, appealed to Chelsea fans, promised funds, discussed a stadium overhaul and generally made all the right noises in the hope they will be the chosen ones.
But the process is likely to be far from over. The Premier League must clear any figures who intend to become club directors after a takeover and a final bidder must also be cleared by the Treasury. Only when the Treasury grant a special licence can the sale – currently blocked by Abramovich’s sanctions – be finalised.
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Premier League chief executive Richard Masters has said the Owners’ and Directors’ Test can be completed in as little as 10 days but the average take several weeks. And given each of the known consortiums involve a multitude of investors – a wonderful blend of individual billionaires, hedge funds, private equity firms, family empires, Lords and even a former newspaper editor in combinations that span continents and time zones – it is expected to take a while.
Once selected by the Raine Group, the buyers must provide the Premier League with documented proof of funds, business plans, their proposal for how they intend to the run the club in the future with the financial channels available. Their agents will scour backgrounds of proposed directors and scrutinise accounts. Ultimately, the league wants to ensure new owners will not place Chelsea in such a difficult position ever again.
Of the numerous investors in each bid, the league will want to know who has overall control of the club and who will remain silent partners putting in their money and awaiting a return.
The prioritised factors for the preferred buyer will be pivotal in Chelsea’s future. How much will the club’s fans be considered in each case? Does money trump sentiment? Chelsea supporters even see this as potentially crucial moment in the future of English football: should the Supporters’ Trust be granted a Golden Share – giving them final say on matters such as club colours, club name, location and heading off a future breakaway Super League – as part of the new ownership it could shape the future of how other clubs are run.
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Chelsea Supporters’ Trust are believed to have made contact with Chelsea fan and property billionaire Nick Candy’s consortium and the consortium led by Sir Martin Broughton. But other potential buyers may not be so open to them.
And though holding unprecedented power in a sale of this nature, it is not thought the Government wishes to yield it extensively, and intends to clear a buyer provided their business credentials check out.
The Government is, naturally, keen on as quick a sale as possible, appreciating what an awkward position allowing Chelsea to run under special restrictions is. There are daily demands on officials from the Treasury, the department for Digital, Culture, Media and Sport, Chelsea, the English Football Association, the Premier League and Uefa just to establish parameters for simple decisions, such as allowing Chelsea fans to buy tickets for matches.
But it will be blown along as fast as possible by winds of necessity. The supporter of a warmonger owning one of English and European football’s most well-known and successful clubs – considered by Government a cultural asset – is such an awful look that most parties want the association to be ended as swiftly as possible.
Contenders to buy Chelsea
Todd Boehly
The LA Dodgers part-owner and US magnate has teamed up with Swiss billionaire Hansjorg Wyss and British businessman Jonathan Goldstein, chief executive at Cain International and chairman of the Jewish Leadership Council. Boehly bid for Chelsea in 2019 and that due diligence will have helped his candidacy this time around.
The Ricketts family
Tom Ricketts heads this family bid from the owners of the Chicago Cubs. The Ricketts have teamed up with US hedge fund supremo Ken Griffin to add financial weight to their bid. The Ricketts made a formal offer to buy Chelsea in 2018, so also stand to benefit from prior due diligence. First-hand experience of leading a major sports franchise and renovating the storied Wrigley Field stadium will also boost their chances.
Sir Martin Broughton
The former Liverpool chairman set the Reds on the way to their current prosperity in a short-term role in 2010, ushering in owners Fenway Sports Group. The ex-British Airways chairman has brought in Lord Coe (below), adding sports business and political clout. Coe’s experience as World Athletics president, steering London’s 2012 Olympics and as a Conservative peer, will all beef up Broughton’s offering.
Nick Candy
The British property tycoon and Chelsea fan has compiled his own bid, raising his offer “significantly” on Monday after sourcing new investment from several South Korean firms. The 49-year-old would give fans the golden share ownership so coveted by football supporters, and has promised a total rebuild of Stamford Bridge.
Centricus
Four Chelsea fans and top businessmen are central to the bid from Centricus, an investment firm that manages £29bn of assets. Co-founder Nizar Al-Bassam and chief executive Garth Ritchie, as well as Cheyne Capital’s Jonathan Lourie and Talis Capital’s Bob Finch, are the four Blues supporters fronting the bid.
Saudi Media Group
The Saudi-based consortium has composed a strong bid, led by businessman Mohamed Alkhereiji, but has preferred to keep most details out of the public eye during the process.
Woody Johnson
The New York Jets owner is another understood to have made an official bid to Raine Group, the bank handling the sale.
Additional reporting by Press Association
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