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Shortlisted Chelsea bidders to make cash purchase as Abramovich sorts debt

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SPORTS NEWS: Shortlisted Chelsea bidders to make cash purchase as Abramovich sorts debt [New Sports News] » Naijacrawl
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According to the PA news agency, all four shortlisted bids to buy Chelsea Football Club will be totally supported by cash.



Steve Pagliuca's Chelsea bid will be debt-free, like the other three competing offers.

The four shortlisted consortiums have until Thursday to make their final offers to Raine Group, an American investment bank.

Raine will then select a preferred bidder, with Chelsea's sale set to take place next month.

The Blues' sales could reach 3 billion pounds, which would be a new high for a sporting team (3.94 billion dollars).

On Wednesday, Pagliuca disclosed the composition of his group, which includes NBA Chairman Larry Tanenbaum as a co-managing partner.

Recall that Roman Abramovich, a Russian-Israeli billionaire, stated that he had put Chelsea up for sale, claiming that the decision was made in the best interests of the club.

Abramovich was sanctioned by the UK government over his links with Russian President Vladimir Putin amid the Russian invasion of Ukraine.

The Raine Group was tasked with handling the West London club sale.

Chelsea has been given a special government licence to continue operating, though under strict conditions.

Abramovich, who cannot profit from Chelsea’s sale, had already promised to write off the club’s 1.5 billion pound debt.

Raine’s preferred bidder will have to pass Premier League owners’ and directors’ tests, with the final step being the granting of a new government licence to process the sale.

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Ojo Sunday Victor, A Professional Graphics Designer, and a skilled Content Writer in Entertainment, News and Sport Update.!An Undergraduate in Ladoke Akintola University of Technology (LAUTECH, Ogbomoso). Read More

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