One Chelsea bidder already in talks over Stamford Bridge redevelopment

Todd Boehly’s consortium have strengthened their bid to buy Chelsea by starting talks over the redevelopment of Stamford Bridge, according to reports.

After being sanctioned by the British government following Russia’s invasion of Ukraine, Roman Abramovich instructed US merchant bank Raine Group to find a buyer for the west London club.

Raine whittled the plethora of offers they received down to a shortlist of just four bids: Boehly’s consortium; the Ricketts family; a consortium headed by Sir Martin Broughton; and a largely under-the-radar offer from Boston Celtic co-owner Stephen Pagliuca.

The selected bid will not be based purely on the size of the offer alone, with a variety of other factors also being considered by Raine.

A commitment to provide at least £1billion towards future investment has been requested, which involves redeveloping Stamford Bridge – as a result, experience in a major development is seen as a major plus point.

Boehly’s proposal has that box ticked in the form of fellow investor and property developer Jonathan Goldstein, and now the consortium are ramping up their efforts to win the race to buy Chelsea even further.

According to the Evening Standard, Boehly’s consortium have begun talks with the former project director for Abramovich’s abandoned redevelopment, David Hickey.

All the properties that were bought surrounding Stamford Bridge will be included in the sale of the club, though the new owners will need to reapply for planning permission – which expired in 2020 after Abramovich shelved the redevelopment.

Hickey, though, had remained in his role as project director for Chelsea’s new stadium until four months ago and has in-depth and up-to-date knowledge on the entire process.

Architect Janey Marie Smith – who has worked on stadium renovations including Boston Red Sox’s Fenway Park and the Dodger Stadium in Los Angeles, which is co-owned by Boehly – has also been consulted.

Raine have given the final four shortlisted bidders until April 11 to submit their final offers, after which point the preferred new owner will be announced.

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