Chelsea £3bn takeover cut down to two bidders
SEB COE is one of the frontrunners in the race to buy Chelsea.
The Olympic track legend and lifelong Blues fan is part of a consortium competing against American Todd Boehly.
Several bidders were advised on Thursday that they had not made the shortlist for the Premier League heavyweights’ takeover.
Former US diplomat Woody Johnson was among them, as was the Saudi Media Group, the London finance firm Aethel, and the colorful Turkish tycoon Muhsin Bayrak.
Individual groups have been learning their destiny steadily over the last 24 hours as a process of elimination continues to identify new owners for one of the world’s largest clubs.
Some Chicago Cubs fans are opposing a contentious bid by Chicago Cubs owner Tom Ricketts after past Islamophobic emails from a member of the family were resurrected.
While this has had an impact on the Ricketts’ proposal, they were still confident about making it to the second round of bidding yesterday night.
The thinning down of competitors is anticipated to continue on Friday, with the aim that a £3 billion sale of Chelsea may be completed by the end of the month.
Former Conservative MP Coe has joined forces with former Liverpool chairman Martin Broughton, as well as US billionaires Josh Harris and David Blitzer, who own the Philadelphia 76ers basketball team.
In a takeover war that has shook the athletic world, Boehly and his partner Hansjorg Wyss are emerging as favourites to become preferred bidder.
Chelsea is being forced to sell after owner Roman Abramovich was sanctioned by the UK government for his ties to Russian President Vladimir Putin.
Around 30 different groups have made offers, and Raine, a New York-based financier, is sifting through them.
Nick Candy, a vocal Chelsea supporter and property billionaire, made a public pitch to take over the club.
Even though he claimed to have acquired more cash from a South Korean investment business, questions about his financial clout have been raised.
“Nick has gone quiet, which is unusual for him,” a source close to the bidding process told SunSport.
Candy’s representatives were approached to inquire about his chances of obtaining the keys to Stamford Bridge.
Centricus, a London-based investment firm, is also thought to have made the cut and is hopeful of joining the shortlist.
When the second round begins, interested parties may be required to resubmit more specific offers.
Chelsea fans have aired their rage at the Ricketts family when letters from bidder Tom’s father Joe from ten years ago were made public.
The fans are also eager to have a ‘Golden Share’ in the club with the next group of owners.
This will give them access to the highest levels of the boardroom and a say on topics that directly affect them, such as ticketing, which has become a political issue after the club was previously barred from selling them for games.
If the Ricketts group fails, Lord Coe is appealing on his ticket as a card-carrying fan to help win the day, but he will have a stiff fight against the might of Boehly and Wyss.
Coe said: “I am certain Sir Martin is the right man to lead Chelsea Football Club into its next chapter.
“He has the vision, acumen and financial backing to ensure our club’s future success, keeping Chelsea at the top of European football and challenging for trophies.
“But most importantly, like me, he is a lifelong Chelsea supporter and Shed End season-ticket holder. I know that this bid is for the millions of Chelsea fans around the world. We love our club and will always put the fans first.”
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Chelsea £3bn takeover cut down to two bidders
