British billionaire Jim Ratcliffe launched a belated bid on Friday to buy Chelsea for 4.25 billion pounds ($5.3 billion) as rival offers with US investors were already being weighed as the sale process neared completion.
British billionaire Jim Ratcliffe launched a belated bid on Friday to buy Chelsea for 4.25 billion pounds ($5.3 billion) as rival offers with US investors were already being weighed as the sale process neared completion.
Ratcliffe’s offer would be the highest price ever paid for a sports team.
Chelsea was put up for sale in March after Russian owner Roman Abramovich was sanctioned by the British government for his links to President Vladimir Putin following the invasion of Ukraine.
Ratcliffe, chairman of chemical giant INEOS, owns the European teams Nice and Lausanne, as well as a cycling team and the British America’s Cup sailing team.
“This is a British offer, for a British club,” INEOS said.
“We are making this investment as fans of the beautiful game, not as a means of profit,” INEOS added in a statement. “We do it with our core businesses. The club is rooted in its community and its fans. our intention is to invest in Chelsea FC for that reason”.
The sale is being overseen by a New York-based commercial bank, the Raine Group, and the British government must approve the process under terms that allow Chelsea to continue operating since Abramovich’s assets were frozen.
The Raine group had narrowed the contenders to three bids.
But the group led by Boston Celtics co-owner Steve Pagliuca said it had been told Friday that he was not chosen among the preferred bidders. Pagliuca’s group of investors included Canadian sports magnate Larry Tanenbaum, president of Maple Leaf Sports & Entertainment.
Another consortium features the proposed investment by Josh Harris and David Blitzer, the owners of the NBA’s Philadelphia 76ers who would have to sell their stakes in Premier League club Crystal Palace to buy Chelsea.
Another Dodgers co-owner, Todd Boehly, is leading another consortium hoping to be announced as the preferred bidder.
Chelsea have won 21 trophies in Abramovich’s 19 years of ownership, banking on his generous investment to become one of the most successful clubs in Europe.
INEOS said 2.5 billion pounds ($3.1 billion) of the offering is pledged to a charitable trust to help victims of the war in Ukraine, though it is unclear whether the buyers can determine where the proceeds of the sale will go. under government license.
A further 1.75 billion pounds ($2.2 billion) will be invested in the club over the next 10 years.
“We will continue to invest in the team to ensure we have a world-class squad with the best players, coaches and support staff in the world, at the men’s and women’s games,” INEOS said in a statement. “And we look forward to continuing to invest in the academy to provide the opportunity for talented youngsters to become world-class players.
“We believe that London should have a club that reflects the stature of the city. One that is held in the same consideration as Real Madrid, Barcelona or Bayern Munich. We intend for Chelsea to be that club.”
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Rob HarrisThe Associated Press
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