Todd Boehly ‘wins race’ to buy Chelsea despite late Sir Jim Ratcliffe hijack
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Todd Boehly has won the bidding war to buy Chelsea despite a late bid by Sir Jim Ratcliffe, according to reports.
The Telegraph reports that, in a deal worth more than £3.5billion, the US consortium will be named as the preferred bidders. This is despite an 11th-hour bid made by Britain’s richest man Ratcliffe.
The Greater-Manchester born tycoon made a huge £4billion bid on Friday, the same day groups fronted by Stephen Pagliuca and Sir Martin Broughton had been informed that they would not be advancing.
Now it is reported that Boehly, who is CEO of Eldridge Industries, is the frontrunner to purchase the club and he will now enter exclusive talks with the club.
The Telegraph say that Chelsea will look to advance Boehly and his group's bid for UK Government approval ahead of a licence for the sale of the club to be handed out.
The American, 46, is the current interim CEO of the Hollywood Foreign Press Association while he owns 20% of the Los Angeles Dodgers of the NBA. His group were one of the four consortiums who were shortlisted – and now it appears that they have made it in their push of obtaining the club.
Roman Abramovich put Chelsea up for sale last month following UK sanctions imposed on the Russian oligarch amid Russia's invasion of Ukraine.
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Ratcliffe was one of those interested in buying the club. A statement released on Friday from the billionaire’s group stated: "Sir Jim Ratcliffe, chairman of Ineos, has made a formal bid for Chelsea FC, for £4.25bn. £2.5bn is committed to the Charitable Trust to support victims of the war, with £1.75bn committed to invest directly into the club over the next 10 years.
“We believe that a club is bigger than its owners who are temporary custodians of a great tradition. With responsibility to the fans and the community. That is why we are committing to spending £1.75bn over 10 years that will be for the direct benefit of the club.”
No official comment has been made yet by Chelsea or Boehly that the group have succeded.
- Chelsea FC
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