Chelsea is sold: who are the main stakeholders and what requirements they must meet

On March 12, the Premier League announced the official removal of tycoon Roman Abramovich as the main face of Chelsea within the framework of the sanctions package that Europe has imposed on businessmen linked to Vladimir Putin's government because of Russia's attacks on Ukraine. In this context, the English club, which still has permission to compete, has been prevented from selling tickets, signing new players, renewing contracts, selling merchandise, among other measures. Therefore, efforts have been made to have the London equipment acquired by a new owner.

Since sanctions against Russian Abramovich began in the United Kingdom, several potential buyers arose when warning a fruitful business. The fact that the last Champions League champion and one of the Premier's animators are on sale tempts hundreds of investors. Thus, the Daily Mail site reported that there are already more than 200 people interested in acquiring the Blues.

“It seems to be a 'stock market bid' process similar to that of a boxing event for the world title,” Stephen Taylor Heath, director of sports law at JMW Solicitors, told British site Stephen Taylor Heath. “In such a scenario, the bank handling the sale, the Raine Group, would literally conduct an auction process and announce the winning bidder.”

The deadline for filing formal interest is Friday, March 18. By that time, whoever wants to buy Chelsea must not only submit an offer, but must also prove that they meet a series of requirements set by the club itself. “Bidders will be asked to provide a letter of proof of funds, a full list of advisors, a business plan and a completion schedule to accompany their offers,” notes the site revealing that Marina Granovskaia, one of the visible faces of the English ensemble, is providing advice to potential buyers.

“Potential buyers are also asked to provide their motivations for the offer and a detailed background report on all investors,” says the portal, which anticipates that whoever stays with the club will have to respect the contracts of all current employees of the institution and fulfill all commitments. contractual and current financial obligations.

In turn, the purchase will have to be approved by the British government so funds linked to states could have complications. For example, the acquisition of Newcastle by a Saudi group is still under discussion in the Premier League, so if it is a similar investor, that offer could be ruled out.

It is worth noting that Abramovich, owner of Chelsea since 2003, is pointed out by the British government of having received financial benefits from the Kremlin and in addition to being one of the tycoons currently cooperating economically with Russia's invasion of Ukraine. For this reason, Chelsea will seek to close its sale to entrepreneurs with a different profile than its current owner in order to avoid future conflicts of this kind.

Among the more than 200 potential buyers, a consortium led by American Todd Boehly, co-owner of the Los Angeles Dodgers baseball club, stands out. The Daily Telegraph wrote that the businessman has transmitted his offer through Raine Bank, located in New York. Also notable is Swiss millionaire Hansjorg Wyss, 86 years old and founder of the medical equipment company Synthes, according to the Swiss daily Blick.

According to the Financial Times, another American millionaire, Josh Harris, is also considering making an offer. Former head of the investment funds Apollo Global Management, he is already present in English football, as co-owner of the Crystal Palace club, so he would need to disassociate himself from that team, also located in London. Another one who expressed interest is Turkish millionaire Mushin Bayrak.

Meanwhile, given the lack of liquidity caused by the Abramovich freeze, Chelsea asked the British government on Monday to authorize ticket sales: “We ask the government to allow our fans to access tickets,” the team said in a statement. “There have been meetings every day to find a solution. The Premier League and the FA (the English Football Federation) also discuss with the government the issues of sports integrity caused (by this situation) if fans are not allowed to attend the matches,” the club adds in the text.

For the time being, the government placed the club with a special license following the battery of sanctions taken against the Russian oligarch that prevents Chelsea, and by extension Abramovich, from generating new revenues. The license has already been modified to the one initially implemented, with an increase in the match-day spending limit from £500,000 ($655,000) to £900,000 ($1.178 million). In addition, the sale will take place as long as the Russian oligarch does not benefit from it.

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