Chelsea FC announce they will sell to US-led group Boehly

Abramovich invested nearly $2 billion of his personal funds during his 19-year tenure as owner, during which he covered losses of around ...

Abramovich invested nearly $2 billion of his personal funds during his 19-year tenure as owner, during which he covered losses of around $1 million a week by signing some of the best players in the game. world. The strategy was costly but successful: Chelsea enjoyed the most successful period in their history, becoming a serial contender for domestic and international honours, and winning five Premier Leagues and two European Cups.

If Boehly’s deal to buy the team goes through with the required approvals from the government and the Premier League, which must also give its blessing to the sale, his group will have to find a way to maintain these successes while reducing the associated losses. to success on the pitch and also committing hundreds of millions of dollars to refurbish Chelsea’s aging Stamford Bridge stadium, which, with a capacity of just over 40,000, is far smaller than the arenas that host the biggest teams in the Premier League.

The sale, consistent with how it started, was a curious process, organized by Joe Ravitch, a Russian-speaking banker and co-founder of New York-based Raine. The news that Chelsea were available for sale sparked interest from around the world, attracting a mix of serious candidates with a track record of success to fringe figures who seemed to be using public interest to buy Chelsea as a way to get themselves. publicize in the media. .

Ravitch had said little publicly, although he made a startling – and as yet unsubstantiated – claim that Chelsea and other Premier League sides could be worth a shot. more than 10 billion dollars in five years.

The process, while swift for a Chelsea-sized takeover, has also drawn derision from some quarters, as deadlines for final offers have been repeatedly extended to extract the highest price, even though the seller, Abramovich, could not expect to be paid. The highly public nature of the sale also meant scrutiny of the genre which led to some embarrassment for potential buyers.

A joint bid involving the Ricketts family, owners of the Chicago Cubs, and hedge fund billionaire Ken Griffin, has struggled to overcome allegations of racism after anti-Muslim emails sent by family patriarch Joe Ricketts in 2019 resurfaced. Efforts to ward off the Ricketts bid and statements highlighting the family’s opposition to racism failed to convince some Chelsea supporters, and the Ricketts pulled out of the process last month, leaving three final bidders.

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Newsrust - US Top News: Chelsea FC announce they will sell to US-led group Boehly
Chelsea FC announce they will sell to US-led group Boehly
Newsrust - US Top News
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