Been looking into the next stage of the #CFC sale. Raine are hoping for close to $4.5bn. That's very high, essentially double the market value of the club. Offers are more likely to be within the $3.5-4bn bracket.
However, shortlisting in this manner and encouraging failed suitors to join other consortiums gives the club leverage to potentially get a higher price. There won't be much between offers, so important to stress #CFC will judge suitors on other criteria, too.
Bidders have two weeks to present their final offers. That's not a lot of time to do due diligence, which again gives the Ricketts family (who did some in 2018) a bit of a head start.
Once the preferred bidder is chosen they could then ask for a period of exclusivity to complete the sale, which would typically allow further due diligence & back and forth.
But Chelsea want (and need) a sale quickly so it's not likely the sale speed once one suitor is chosen will slow significantly. But the reality is takeovers usually take months and #CFC are trying to sell at super-speed.
Once the process is complete, the bid will be presented to the Premier League for the Owners '& Directors' Test. After the 18-month #NUFC saga, I am reticent to call this a 'routine' process... but it is typically quite quick.
It's such an atypical sale, but one thing that could (and should) be made public is where the money from the sale will go. EPL will have the right to confirm it doesn't go to Abramovich. Looks as if UK gov. will ultimately decide where the funds go.
What we do know is funds from the sale will go to victims of the war in Ukraine. But no more specifics have been given to date. UK gov. are expected to make some details public, but the exact specifics/allocation we don't know yet and won't under the suitor/fee is locked in.
From talking to the parties, there are some key differences in approaches.
Boehly is focusing on connecting with the fanbase and modernising the club. He's very 'value' or business-orientated and has always been skeptical of Abramovich's original valuation.
Boehly is focusing on connecting with the fanbase and modernising the club. He's very 'value' or business-orientated and has always been skeptical of Abramovich's original valuation.
Broughton, Blitzer and Harris have outlined ways to balance Chelsea's books and further 'globalise' the brand.
Latter two have strong experience in fan engagement and partnerships. Their Palace links give them EPL knowledge but also cause all kinds of logistical headaches.
Latter two have strong experience in fan engagement and partnerships. Their Palace links give them EPL knowledge but also cause all kinds of logistical headaches.
The challenge is whether EPL want to set a precedent where an individual can just dump shares to move to another club. Is that really a 'fit and proper' move, especially if done at such speed. Legally, it may be fine but it doesn't sit right.
Ricketts family will have to shift their pitch and win over the fanbase. But their original focus was on modernising Stamford Bridge.
The capital they'd bring is not in doubt but with the optics of the sale so important it's hard to see them being successful.
The capital they'd bring is not in doubt but with the optics of the sale so important it's hard to see them being successful.
The least is known about Pagliuca's bid. A surprise move given he only recently purchased 55% in Atalanta. Like Blitzer and Harris he'd have to address this.
All parties must not only win over #CFC but present to the UK gov. On face of it, Boehly & Broughton are the leading two contenders. Ricketts family do have a strong pitch. But they're so unpopular. To not listen to the fanbase when picking an owner would be damaging to the club.
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