The Premier League is on the verge of a new owner for its most valuable club, with hedge funds and Chinese corporations circling around Monday’s deadline.
The “Chelsea sale deadline” is the date that Chelsea must sell all of its players before the Premier League transfer window closes. The club has been linked with a number of potential bidders, but none are certain to take advantage of the opportunity.
On Sunday, the ‘Roman Empire’ banner was still flying at Stamford Bridge, with some supporters chanting Roman Abramovich’s name.
With the deadline for selling Roman Abramovich’s Chelsea looming on Friday, Sport takes a look at who has shown interest so far.
The formal deadline to buy the Premier League club in west London is 21:00 GMT on Friday, March 18th, while some last offers are likely to be lodged over the weekend as known parties are expected to request extra time.
There are still over 20 companies interested, but the number of confirmed offers is expected to be in the range of 10-15.
Chelsea will announce a shortlist next week, with Raine Group, an American investment group, overseeing the sale. The selected bidder will next need government clearance, which will include confirming the source of finances and where the money would go next.
The Premier League’s owners and directors exam, popularly known as the ‘fit and proper person’s test,’ will have to approve any transaction.
The asking price for the reigning Winners League and Club World Cup champions is said to be about £3 billion, while others have called this “excessive.”
Following Russia’s invasion of Ukraine, Abramovich’s original effort to sell Chelsea was delayed when he was sanctioned by the UK government, despite Abramovich’s close links to Russian President Vladimir Putin.
Who are the possible Chelsea bidders?
- A group managed by ex-Liverpool chairman Sir Martin Broughton and included Lord Coe, the London 2012 chief executive
- The Ricketts family, who own the Chicago Cubs of Major League Baseball, are heading a group of investors in a bid for the organization.
- Hansjorg Wyss, a Swiss billionaire, and Todd Boehly, a US businessman, have established a group to attempt to buy Chelsea. Barbara Charone, an American public relations expert, Jonathan Goldstein, a British businessman, and Daniel Finkelstein, a British journalist, have now joined the group.
- Aethel Partners is a London-based investment business led by Portuguese entrepreneur Ricardo Silva.
- Former Chelsea striker Gianluca Vialli, who co-owns Tifosy, a mergers and acquisitions firm for the football industry, is backing British multi-millionaire businessman Nick Candy.
- Muhsin Bayrak, a Turkish millionaire, claims to be one of those who has made an offer.
- US billionaire and Philadelphia 76ers owner Josh Harris, who has a stake in Crystal Palace, and New York Jets owner Woody Johnson are among those said to be interested. external-link is a consortium located in Saudi Arabia. external-link
What is the value of the club?
Abramovich purchased Chelsea for £140 million in 2003, but in declaring his desire to sell, he said that his ownership was “never about business nor money, but about sheer enthusiasm for the game and club.”
He valued the club at £3 billion and has lent it £1.5 billion, but he has said that he would not seek for any of the debts to be returned. Abramovich has also said that the sale revenues would be distributed to war victims.
The proceeds from the sale might be donated to a charity or placed in a frozen account.
Given the scale of Stamford Bridge, football finance expert Kieran Maguire believes the £3 billion price tag “does seem exorbitant.”
“The majority of experts believe it isn’t large enough to create the money that someone would desire in the future,” Maguire added. “Given Stamford Bridge’s location in London, there is no capacity to expand it, therefore relocating somewhere in London would be prohibitively costly.”
Will some of the prospective purchasers be able to afford Chelsea?
Kieran Maguire, a football financial expert:
Since Roman Abramovich bought Chelsea, the club has lost more than £900,000 every week, with a payroll cost of £28 million per month.
The majority of the groups that have come forward are tied to American investors who own franchises in the NFL, NBA, and other sports leagues.
They’ll be seeking to tweak the model to improve cost management at Chelsea, or they’ll aim to produce more revenue.
We’re approaching a critical mass of American investment in the Premier League, so they may be aiming to alter the culture, potentially with the goal of cutting down on spending to make the league more lucrative on a day-to-day basis.
Looking at Aethel’s own financial statements, it’s hard to believe that a business with so few assets could make an offer in the £2-3 billion range.
How fast might the transaction be completed?
Abramovich has controlled Chelsea since 2003, during which time the team has won 21 titles. The UK government placed a freeze on his British assets, including Chelsea, and the Premier League barred him from serving as a director of the club.
The Blues have been given permission to continue functioning after the UK government granted them a special license.
Chelsea’s 800 employees – plus hundreds more on matchdays – will be paid, and current season ticket holders will be able to attend matches, but a new license will be required if the club is to be sold.
“The fastest one [selling of a club] we’ve done is 10 days, but that’s not to suggest it can’t be surpassed,” Premier League chief executive Richard Masters said earlier this month.
“Normally, it takes a few weeks, but it varies depending on the complexity of the situation and the number of possible buyers.”
The “chelsea sale news now” is a question that has been asked by many Chelsea fans. The potential bidders are those who are interested in purchasing the club before Friday’s deadline.
- chelsea sale latest
- chelsea bidders
- chelsea sale news
- chelsea takeover
- chelsea latest news