Chelsea Bidders Cut Down To Shortlist

After current owner Roman Abramovich, revealed his intention to sell before the UK government implemented sanctions following Russia’s invasion of Ukraine, as many as 20 bids were said to have been made, eight of which had been verified publicly.

The Raine Group, a New York-based merchant bank, is overseeing the sale and had asked interested parties to submit bids for Chelsea by Friday, March 18, before being narrowed down this week to a shortlist of preferred possibilities based on pledges about future spending.

Although the process took longer than expected, a number of potential bidders have now been informed that they are no longer in the running, albeit several others remain in doubt.

The Saudi Media Group (SMG), the Middle East’s largest media corporation, and Woody Johnson, the owner of the New York Jets NFL team, were both unsuccessful in their £2.7 billion bids.

Although no justification has been offered, it would have taken time for SMG to pass the Premier League’s ownership checks in the event of a rapid sale, as was the case with Newcastle United’s new owners.

Muhsin Barak, an Egyptian businessman, who was one of the first to publicly express interest, is also out of the running.

Although unconfirmed, a bid of more than £2 billion from London-based banking group Aethel Partners is also unlikely to advance to the auction’s next stage.

The consortium led by LA Dodgers co-owner Todd Boehly, Chicago Cubs owners the Ricketts family, and British industrialist Sir Michael Broughton’s combined proposal with Lord Sebastian Coe are thought to be the favourites at this time.

Chelsea will almost certainly be the most expensive sports franchise in history once the deal is completed.