Here we go! We’re down to the final four of a huge money, big stakes sports competition that the whole world is watching. No, we’re not talking about the NCAA Tournament culmination down in New Orleans this weekend, but the sale of Chelsea Football Club.
We’re down to the short list now, it’s contenders only, no pretenders at this point. When all is said and done, Roman Abramovich still doesn’t have to sell, if he doesn’t get an offer that he likes. However, given the current political climate, and how it affects him individually, it’s in best interests to do so.
So, via NBC, through their partners Sky Sports, here is who made the final cut, and also what the timeline looks like for when this could all be signed, sealed delivered.
Chelsea Bidders Still in the Running
We’ve covered the Ricketts family bid extensively here, as it hits so close to home with us. They own the Chicago Cubs, and they founded TD Ameritrade before selling it Charles Schwab in 2019. Aligned with Citadel hedge fund billionaire Ken Griffin, they are partnered up with the highest net worth individual who is still in the game.
And basically, they are playing Monopoly with real cash right now. US investment bank Lazard are advising them. Despite all the fan backlash against them, the Ricketts are a leading contender. Maybe their having met with the Chelsea Supporters Trust helped?
Then you have Todd Boehly, a part-owner of both the L.A. Lakers and the L.A. Dodgers. He’s teamed up with Jonathan Goldstein, a real estate mogul based in London. Clearlake Capital, a US-based investment firm are doing the advising for them, for the financial concerns.
Also in the hunt is Sir Martin Broughton, former British Airways and Liverpool FC chairman (so now you have someone connected to a former rival club involved). He’s connected to Lord Coe, a wealthy former businessman, member of Parliament and Olympic medalist, as well as two wealthy American financiers in Josh Harris and Dave Blitzer.
Another member of this big money all-star team is Vivek Ranadive, an entrepreneur, CEO of TIBCO Software and Chairperson of the Sacramento Kings.
And then finally you have Stephen Pagliuca, a billionaire whose money comes primarily from private equity. Also, he owns two pro teams already, the Boston Celtics and Atalanta.
In other words, there is a whole lot of cross-pollination, among other sports franchises in other leagues, in other countries, in the race to purchase Chelsea.
Important deadlines
April 11- deadline for final bids to be submitted, it is thought that Chelsea FC could command as much as $4-$8 billion when all is said and done
April 18- United Kingdom national government to announce their preferred buyer
The following week or so- UK government to issues official sale of Chelsea to be complete
The following couple of weeks after that: the Premier League will make the decision to potentially confirm or deny the takeover.
There seems to be a belief that the new owners of the club will be in place and running things by May. Championship Sunday is May 22, with the Champions League final, should Chelsea qualify for the opportunity to defend their title, taking place on the following Saturday.
Paul M. Banks is the owner/manager of The Bank (TheSportsBank.Net) and author of “Transatlantic Passage: How the English Premier League Redefined Soccer in America,” as well as “No, I Can’t Get You Free Tickets: Lessons Learned From a Life in the Sports Media Industry.”
He has regularly appeared in WGN, Sports Illustrated and the Chicago Tribune, and co-hosts the After Extra Time podcast. Follow him on Twitter and Instagram.