The sale of Chelsea football club is in its final stages and bidders will be meeting the club executives for one last time with their final offer.
A decision on Chelsea’s uncertain future will come up very soon in the form of new owners. The sale of Chelsea is handled by Raine Group which is appointed by New York’s Merchant Bank.
Till the appointment of new owners, they’ll be taking care of Chelsea’s uncertain future. The deal is expected to cost roughly about $3 billion, which if happens will be the highest amount ever paid for a sports team.
Russian Oligarch Roman Abramovich is however not allowed to receive any proceedings.
According to Joe Ravitch, the bidding war to own Chelsea FC is a deal worth stealing.
Bidders for Chelsea
One of the earliest bidders is a group led by Todd Boehly. Part the owner of LA Dodgers but is known for making fortunes out of his investments. Boehly is challenged by a consortium led by Harris and David Blitzer. The Blitzers are members of the group that controls the 76ers of the NBA. To beat the competition, they applied the strategy of becoming the favorites
In the view of this strategy this week they’ve added Lewis Hamilton and Serena Williams to the group. The last bidder for Chelsea is the owner of the Boston Celtics, Steve Pagliuca.
Pagliuca in his team has also included Larry Tanenbaum who is the owner of MLS side Toronto FC. Larry Tanenbaum is also the owner of the Toronto Raptors and Toronto Maple leaves.
With ownership experience in hand, the partnership of Pagliuca and Tanenbaum has emerged to be the strongest. Since the sanction on Abramovich, Chelsea has been working under very unlikely financial constraints.
A special yet revamped license issued by the government has allowed the club to operate but under heavy losses. Empty seats and shuttered team stores have left Chelsea with no choice but to swallow its unacceptable fate.
With the announcement of Chelsea’s new owner, the saga of the strangest takeover will come to an end.
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