Sky News can only reveal that the quartet of bidders approved this week by bankers to make formal bids must provide contractual guarantees that at least 1 1 billion in additional funding will be available for the Blues’ Stamford Bridge Stadium. , the racing team and other areas of development. The revelation comes as Sky News also learned that a vehicle of the so-called “white check” created by one of the most powerful media moguls in the world also submitted a proposal to merge with Chelsea this month. City sources said Liberty Media Acquisition Corp. (LMAC), a New York-listed special purpose acquisition firm – or SPAC – was among the parties excluded from the auction, largely because of the complexity of finalizing an agreement on a timetable that was was cut short by Mr Abramovich imposing sanctions. Mr Malone, who has made huge bets on the sport as he plans to buy Formula One and Baseball Major League Atlanta Braves, is said to have made a credible bid for Chelsea. If successful, he would see Chelsea join Manchester United as a US-listed company. SPAC mergers usually take months to finalize and often involve a degree of uncertainty due to the need to raise additional funding from investors. LMAC’s participation in the auction, which has not been mentioned before, further underscores the international frenzy of bids for Chelsea that erupted in just over a fortnight. Image: Archive photo dated 18-05-2021 of Chelsea fans on the stands during the Premier League match at Stamford Bridge in London. Roman Abramovich has been sanctioned by the UK government, freezing the planned sale of Chelsea by the Russian-Israeli billionaire The insistence that the bidders commit at least 1 1 billion £ to invest in the club is likely to reassure fans that its new owner will continue to support him with the kind of significant financial resource they are accustomed to under the Russian-born businessman. . All four remaining bidders have significant experience in stadium infrastructure, a key consideration given Chelsea’s long-standing dilemma over the expansion of the Stamford Bridge, which has a capacity of only half the Manchester United home in Old Trafford. The contenders’ quartet includes investors from around the world, with a bias towards American billionaires who already have experience in owning elite sports franchises. Among them, the finalists either control or own shares in U.S. teams, including the Boston Celtics, Chicago Cubs, LA Dodgers, Philadelphia 76ers and Sacramento Kings. Sir Martin Broughton, former president of British Airways and Liverpool FC, and Lord Coe, the former British Olympian who became a sports manager and businessman, are facing an offer that has the financial strength of Josh Harris and Dave Blitzer, two wealthy American financiers. The consortium also includes Vivek Ranadive, an Indian-born businessman, and a syndicate of other investors from around the world whose identities are expected to be confirmed in the coming days. Another top contender is Todd Boehly, co-owner of LA Dodgers, and includes Jonathan Goldstein, a London-based real estate developer, and Clearlake Capital, a U.S.-based investment firm. Mr. Boehly’s offer is being consulted by Goldman Sachs. A third group includes the Ricketts family, which owns the Chicago Cubs, and Citadel billionaire Ken Griffin, in talks with US investment bank Lazard to advise it. Cubs president Tom Ricketts flew to London this week to address concerns raised by fan groups about his father, Joe’s Islamophobic comments a decade ago. People close to the bid have insisted that Joe Ricketts has nothing to do with it and have pointed to the family’s successful ownership of the team after winning the World Series for the first time in a century and completing a 1 billion Wrigley home renovation. Field – one of the most historic sports arenas in the USA. The other remaining candidate for Chelsea is an offer led by Stephen Pagliuca, an American private equity billionaire who owns the Boston Celtics and Atalanta in the Italian Serie A. The next deadline set by Raine Group, the American commercial bank that handles the sale of Chelsea, is expected to be set a few days before the Blues play the Premier League Crystal Palace – which is currently owned by Messrs. Harris and Blitzer. the FA Cup semi-final. Sky News has revealed the existence of three of the four remaining bids, as well as details of the other consortium in recent weeks. Sources said Raine would evaluate the four bids based on a set of criteria, including the level of equity and debt financing. price; future investment commitments; speed and certainty of execution; and the claims made by each party that it is a suitable manager of a reputable sports brand. Among the bidders excluded from the process this week were bids from London-based real estate developer and lifelong Chelsea fan Nick Candy. Former US Ambassador to the United Kingdom Woody Johnson; Centricus, Asset Manager. and Saudi Media Group, whose bid is said to have been largely financed by debt. Raine is expected to set a deadline for a second round of bids by mid-April, after which it expects a formal agreement to be signed and the government to approach a special permit to approve the deal by the end of next month. Bidders and bankers also rejected suggestions that some parties were disappointed with the pace of the transaction. By the standards of conventional takeover procedures, Chelsea’s auction was moving at breakneck speed, with executives from other major investment banks suggesting that such a complex sale would usually take at least six months. Mr Abramovich’s ratification by the UK government has added to the complexity of the deal, as bidders have called for clarity on the legal consequences of the club’s purchase. Sources also pointed out that other bidders continued to show up even last week, urging Raine to assess their seriousness. Some fan groups have questioned the absence of a wealthy British businessman from the process, although Sir Jim Ratcliffe, the Ineos tycoon now based in Monaco, expressed interest before deciding not to make a formal bid, according to insiders. Some of the other bidders are expected to make further improvements in the composition of their bids over the next fortnight. Image: Chelsea owner Roman Abramovich lifts UEFA Champions League trophy after victory over Bayern Munich in May 2012 The Chelsea auction has become the most talked about – and potentially richest – sale of a top sports franchise in history, with hundreds of parties initially expressing interest in buying a stake in the club or taking full control of it. The cluster of American sports billionaires orbiting around Chelsea underscores the extent to which the English Premier League has become a magnet for financiers from across the Atlantic, with Arsenal, Liverpool and Manchester United out of business. USA. Prior to the sanctions, Mr Abramovich had said he intended to write off a 1,5 1.5 billion loan to the club and hand over the net proceeds of the sale to a new charity he would set up to help war victims in Ukraine. The Premier League has ruled out Mr Abramovich as Chelsea manager, but said the move would not affect the players’ ability to train or fulfill the club’s plans. Earlier this week, the government agreed to further modify the license, allowing Chelsea to continue operating, with the club now able to continue selling tickets for away games. Proceeds will be withheld from the Premier League and donated to a charity for the victims of the Ukrainian war. Chelsea could also now receive 30 30m from the club’s parent company to ease cash flow constraints caused by the current crisis. A quick sale is considered necessary if Chelsea want to prevent the uncertainty that would trigger the dissolution of one of the most valuable teams in the top division. Today’s winners of the FIFA Club World Cup are confused by Russia’s war in Ukraine, with Mr Abramovich proposing that he first entrust the club with the care of his institution and then formally put it up for sale. Mr Abramovich had originally slapped a 3 3bn price tag on the Stamford Bridge uniform, with the net proceeds being donated to a charity set up to benefit victims of the war in Ukraine. In addition to the government’s consent in the form of a special permit, the new Chelsea owners will also require the approval of the Premier League in the context of the suitability test and proper ownership. When he contacted Raine, he rejected a report in the Daily Telegraph that said a fee of 1.5% of the value of the transaction was to be paid, which would be equivalent to 45 45 million if Chelsea were sold for 3 3 billion. The bidders are said to have been informed that Raine’s remuneration is significantly lower than that and depends in part on both the scale of the charitable income and the level of the guaranteed future investment in Chelsea. However, Raine declined to comment on any other aspects of the bidding process, and consortium representatives declined to comment.
