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Chelsea bidders given extra time to formalise final offer

The final four bidders for Chelsea have been given extra time to formalise their offers with ‘binding takeover proposals’ to be submitted next week.

Each of the quartet will have until next week to finalise their proposals following an extension, in a bid to provide ‘a full and fair opportunity to adequately finalise the details’ of their takeover bids for the Premier League side.

 

The bidders looking to end Roman Abramovich’s 19-year reign at Stamford Bridge include a British-based consortium fronted by Sir Martin Broughton, the former Liverpool and British Airways chairman and a host of US-led proposals.

The Ricketts family, who own the Chicago Cubs and have teamed up with Cleveland Cavaliers owner Dan Gilbert and hedge fund tycoon Ken Griffin, are also interested, alongside LA Dodgers co-owner Todd Boehly and Steve Pagliuca, the owner of the Boston Celtics.

Each of the contenders to takeover at Chelsea have held meetings in London this week with the Blues’ board, staff, and the Raine Group, the US merchant bank handling the sale.

Sky News are reporting that the Raine Group are also considering waiting for Premier League approval for all four of the proposals, before submitting their preferred bid to the government.

The Premier League are set to take several weeks to approve each offer, however, which could extend the process of a takeover. Each of the consortiums have also been informed they must provide legal guarantees of an investment of at least £1bn in the club’s infrastructure should their bid be successful.

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