Celtics co-owner organization among final groups in Chelsea FC bid

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It looks like the race to buy Premier League side Chelsea Football Club has gained momentum, with the bid submitted by the team of investors anchored by Boston Celtics acting governor Steve Pagliuca gaining momentum. scale as one of four in-game offers to buy. the team being sold by Russian oligarch Roman Abramovich.

According to Sky News’ Mark Kleinman, we’ve learned that Pagliuca’s offer has grown to include backing from Toronto Raptors’ Larry Tanenbaum and Facebook co-founder Eduardo Saverin and the company’s co-founders Raj Ganguly. investment firm B Capital Group, and John Burbank, founder of San Francisco hedge fund Passport Capital, in addition to the previously reported potential inclusion of former Disney executive Bob Iger.

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Interestingly, Pagliuca may have to sell his stake in Italian Serie side Atalanta, a club he had invested in prior to Chelsea’s bid, according to Kleinman.

“The four remaining consortia plotting to replace Roman Abramovich as Chelsea owner are due to submit final offers on Thursday,” he added.

“Raine Group, the merchant bank overseeing the sale process, extended the deadline last week to give all four bidders a full and fair opportunity to finalize the details of their proposals.”

Raine is said to be waiting to offer a recommendation by then for a preferred government buyer to be cleared by the Premier League.

As fast as all of this sounds, bureaucracy may well slow things down just before the finish line of any potential sale given that the league is expected to “take the rest of this month to evaluate” bidders, possibly requiring an extension of time. an indefinite period to finalize the process.

Competing with Pagliuca’s group is a robust area, according to Kleinman, including:

“(A) group led by Sir Martin Broughton, the former chairman of Liverpool and British Airways, which includes billionaire Crystal Palace shareholders Dave Blitzer and Josh Harris; a bid led by Todd Boehly, the co-owner of the LA Dodgers, which includes backing from Clearlake Capital, an American investment firm; and the Ricketts family, owners of the Chicago Cubs, who have partnered with Cleveland Cavaliers owner Dan Gilbert and hedge fund mogul Ken Griffin.

The four groups were in London last week to meet board members and pledge ‘they will secure at least £1billion of investment in the club’s infrastructure, academy and women’s team’ they acquire it in the coming weeks”.

Pagliuca’s group have released a statement on Luke Bosher’s potential purchase of The Athletic in which they assure fans and interested parties that the team will remain “the usual winners” should his group acquire the team.

“Our first objective is to make strategic investments to continue to compete for championships and trophies. We will support our players and managers to ensure that Chelsea are the usual winners and title contenders, whether in the Premier League, in the Champions League or the Women’s Super League (the only Super League we intend to compete in, for the record).

“Furthermore, we will continue to invest in the youth academy to develop the stars of the future and we wouldn’t be in this process if we didn’t have an exciting and inclusive vision for Chelsea,” Pagliuca’s side add.

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