Sources: Chelsea sale drawing rival U.S. bidders

Football

Roman Abramovich’s decision to sell Chelsea has led to more than 300 expressions of interest to Raine Group — the New York merchant bank hired by Abramovich to find a buyer — with sources telling ESPN that at least 10 are regarded as credible parties.

Sources have told ESPN that RedBird Capital Partners, the Manhattan-based private equity company founded by Gerry Cardinale and advised by Oakland Athletics executive vice president Billy Beane, are one of a number of U.S.-based groups assessing the feasibility of a bid for Champions League holders Chelsea, which is valued at £3 billion ($3.97 billion).

– Soccer on ESPN+: FC Daily | Futbol Americas
– Don’t have ESPN? Get instant access

In addition, Michael Rubin, owner of sports merchandise group Fanatics, is also working on a bid, sources told ESPN. Earlier this week, Fanatics raised $1.5 billion in a new round of funding to take its total valuation to $27 billion, according to a report from the Wall Street Journal.

Todd Boehly, the part-owner of Los Angeles Dodgers and LA Lakers, is working with Swiss billionaire Hansjorg Wyss to structure a bid ahead of Raine Group’s deadline of March 15 to submit first indications of an offer, sources have told ESPN.

RedBird, who acquired an 11 per cent stake in Liverpool and Boston Red Sox owners Fenway Sports Group in March 2021, have been investigating opportunities to acquire a European football team in recent months and Abramovich’s decision to sell has alerted the group to the possibility of buying one of the leading names in world football.

Raine Group, who sources say will earn a 1.5% commission from any sale fee, structured the deal in 2019 which saw American investment group Silver Lake buy a $500m stake in Premier League champions Manchester City.

Sources have said that the attempts to find a buyer for NFL franchise Denver Broncos, led by New York-based investment bank Allen & Company, are helping to surface potential buyers for Chelsea. While the sales are not connected, both teams are regarded as being of a similar value to investors looking to acquire a globally-renowned sporting brand.

Products You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *