March 21, (THEWILL) – The Raine Group is expected to provide a first update on the bidding process to several entities that have filed bids to buy Chelsea later on Monday, with the assumption that the weakest proposals will be rejected.
Since Friday’s 9 p.m. deadline, Raine, the New York-based investment bank that has been overseeing the process since Roman Abramovich first announced his intention to sell, has been evaluating the bids and spent the weekend filtering out the weakest.
It is currently unknown when preferred bidders will be contacted, but due to the club’s financial constraints, progress is expected to be rapid.
Several consortiums, including the frontrunner led by LA Dodgers part-owner Todd Boehly, have stated that they will be able to finalise the transaction in time for Chelsea’s next home game against Brentford on April 2, when club football resumes after the March international break.
The Premier League’s chief executive, Richard Masters, has previously stated that a takeover may be completed in as little as 10 days. Raine will go to the government with an application to have the provisions of the club’s special operating licence altered to allow a sale to occur once they have agreed on a preferred bid.
The government will want proof that no money would reach Abramovich, who is subject to Russian sanctions, and senior Westminster sources said last week that Downing Street and the Department for Digital, Culture, Media and Sport will impose no other significant restrictions on the agreement.
The prospective acquirer will thereafter be subjected to the Premier League’s Owners’ and Directors’ Test.
There were up to 40 bids submitted before the deadline on Friday, with up to ten going on the record to confirm proposals. Despite rumours to the contrary, Saudi Media has acknowledged that they submitted an offer just before the window closed.
Josh Harris, the Crystal Palace minority owner, has been connected to a number of consortiums, but his share in the South London club will be a major stumbling block.
About the Author
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
