The four remaining candidates to buy Chelsea have reportedly been told they must commit £1billion to future investment if they are to succeed Roman Abramovich as club owners. Prospective bidders must prove they can sustainably fund Stamford Bridge and the playing squad before being considered.
The quartet of candidates still in the running includes Chicago Cubs owners the Ricketts family, LA Dodgers part-owner Todd Boehly, ex-Liverpool chairman Sir Martin Broughton, and Boston Celtics and Atalanta co-owner Stephen Pagliuca.
According to Sky News, the four approved suitors must now move forward with formal offers to buy Chelsea. They will have to provide contractual guarantees of their intention to invest at least an additional £1bn to the fee they are willing to pay for the club, going towards Stamford Bridge and Thomas Tuchel’s squad.
Raine Group, the US bank handling the sale, is expected to set the deadline for the second round of bids a few days before Chelsea face Crystal Palace in the FA Cup semi-finals in mid-April. After receiving the formal offers, Raine will sign off a deal and approach the UK government for a special licence to approve the transaction by the end of the month.
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On top of the two conditions to guarantee the extra £1bn, Raine will also decide the most suitable owners based on strict criteria. These include the fee offered, speed and certainty of execution, future investment commitments and the level of equity and debt funding.
Woody Johnson and Saudi Media Group were among the unsuccessful parties that discovered their bids’ fate earlier this week. London-based property developer Nick Candy, a huge Chelsea fan, also failed but still holds high hopes he can contribute to the club’s future.
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On Friday, his spokesperson said: “We continue to evaluate and participate in meaningful conversations in the bidding process. Nick has always made it clear that the fans and safeguarding the future of the club are his only interests in this process.”
Roman Abramovich put Chelsea up for sale on March 2 and was later sanctioned by the UK government amid Russia’s invasion of Ukraine. The funds generated from the Blues’ sale will either be frozen or distributed to charitable funds aiding Ukrainian victims. And given the latest developments, the process could be completed before May.
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