Multiple bids submitted for Chelsea

The Ricketts family, who own the Major League Baseball team the Chicago Cubs, a consortium featuring Lord Coe and another group led by British property investor Nick Candy have all submitted offers to buy Chelsea.

Chelsea fan Candy said he had secured additional investment from South Korea and his bid was for “over £2bn”.

Abramovich’s attempt to sell the club was halted after he was sanctioned by the UK government and his assets, including Chelsea, were frozen.

That move came in the wake of Russia’s invasion of Ukraine, with Abramovich understood to have strong ties to Russian president Vladimir Putin.

American investment firm Raine Group has been tasked with selling Chelsea and the UK government is expected to issue a new license, allowing the club to be sold, once a preferred buyer had been highlighted.

the official deadline to purchase the west London Premier League club was 21:00 GMT on Friday, although some final bids are likely to be submitted into the weekend.

There are still more than 20 interested parties, but the number of confirmed bids is likely to be 10 to 15.

Chelsea and Raine Group will make a shortlist next week, with the preferred bidder then requiring government approval, which will involve providing the source of funds and where the money goes next.

Any sale will also need to be signed off by the Premier League’s owners’ and directors’ test – known as the ‘fit and proper person’s test’.

A spokesperson for Candy’s Blue Football Consortium said: “I can confirm that the two South Korean firms Hana Financial Group and C&P Sports Group are a significant part of Mr Candy’s global consortium of investors.

“Their involvement is representative of Chelsea’s global brand and huge loyal fanbase in Asia.”

Another of the bids was submitted by a consortium led by ex-Liverpool chairman Sir Martin Broughton and Lord Coe.

The bid from the Ricketts family is backed by billionaire hedge fund entrepreneur Ken Griffin.

Turkish businessman Muhsin Bayrak, who had previously expressed an interest in the club, said late on Friday that his company AB Group Holding had not filed a bid.

Bayrak attributed AB Group’s failure to meet the deadline to a misunderstanding with his lawyers over the auction procedure, telling news agency Reuters that he was “very upset” by the situation.

Abramovich bought Chelsea in 2003 for £140m but in his statement announcing his intention to sell he said his ownership had “never been about business nor money, but about pure passion for the game and club”.

He values ​​the club at £3bn and has loaned the club £1.5bn – but said he will not ask for any loans to be repaid. Abramovich has also said proceeds of the sale would be donated to war victims.

The funds from the sale could go to a charitable organization or into a frozen account.

Who are the potential bidders for Chelsea?

1. A consortium led by ex-Liverpool chairman Sir Martin Broughton, and joined by London 2012 chief Lord Coe.
2. The Ricketts familywho own Major League Baseball team the Chicago Cubs, are leading a bid from a group of investors.
3. swiss billionaire Hansjorg Wyss and US businessman Todd Boehley have formed part of a consortium to try to take over Chelsea. Now joined by American PR executive Barbara CharoneBritish businessman Jonathan Goldstein and British journalist Daniel Finkelstein.
4. London-based investment firm Aethel Partnersheaded by Portuguese entrepreneur Ricardo Silva.
5. British multi-millionaire businessman NickCandy, supported by former Chelsea striker Gianluca Vialliwho co-owns Tifosy, a mergers and acquisitions company for the football sector and joined by Hana Financial Group and C&P Sports Group.
6. Other parties reported to be interested include US billionaire and Philadelphia 76ers owner Josh Harris who has a stake in Crystal Palace, New York Jets owner Woody Johnson and to Saudi Arabia-based consortium.