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Todd Boehly Tipped To Acquire Chelsea

06/05/22

- Grant Whittington

Todd Boehly’s consortium of investors is now the official front-runner in the bidding race to acquire English soccer club Chelsea. It is understood that Boehly & Co.’s bid will soon be tabled before the Premier League and the UK government for their approval.

Roman Abramovich has also since reiterated once more that he will not be expecting the club to pay back the £1.6 billion he had loaned them.

Earlier this week, the prospect of Boehly’s consortium’s bid emerging a success had been cast into doubt over fears that the Russian mogul might indeed demand the money back from Chelsea.

The Pressure Is On  

After Boehly’s consortium was selected as the preferred bidding party last week, they’ve now entered a 5-day period of exclusivity.

With Chelsea’s special operating licence due to expire on May 31, the pressure is now on for appointing new ownership for the club.

According to a spokesperson for Abramovich, suggestions indicating that the Russian billionaire, who remains under heavy sanctions, will be demanding his money back, are false. He also denied allegations of the club’s price being hiked at the last minute to make up part of the loan.

Abramovich has all throughout the process made it clear that his main objective remains to hand Chelsea over to a good custodian. This, he said, should include investments made in the women’s team, the academy, the redevelopment of the stadium, and that of keeping up the good work of the Chelsea Foundation.

The loan, too, has now become subject to EU sanctions and restrictions, and according to Abramovich’s spokesperson, the businessman has no control over any funds changing hands at the time of the sale.

Plans To Donate Haven’t Changed

The spokesperson also confirmed that Abramovich still intends to donate all the proceeds of the sale to victims of the war in Ukraine. He said senior UN officials as well as representatives of a number of large charities have already been identified to handle the task of forming a foundation for distributing the money to those in need.

Consortiums led by Steve Pagliuca and Sir Marin Broughton are in the meantime reportedly keeping a close eye on the bidding proceedings.

Sir Jim Ratcliffe, meanwhile, has insisted that while his interest had come late to the party, his bid should also be taken seriously. The British billionaire is however not currently being viewed as part of the bidding process by the Rain Group.

A final outcome is expected to be announced soon.

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