Boehly leads fight for Chelsea

In the race to buy Chelsea Football Club, a US group led by Todd Boehly, a banker and co-owner of the Los Angeles Dodgers baseball franchise, has been chosen as the preferred bidder.

The decision comes as UK chemicals tycoon Jim Ratcliffe attempted to gatecrash the transaction with a last-minute bid.

Current owner Roman Abramovich was obliged to sell after Russia invaded Ukraine. Ratcliffe, the owner of the petrochemicals company Ineos, has set aside £4.25 billion to purchase Chelsea.

He’s presenting his proposal as a “British bid, for a British club,” in the hopes of gaining the approval of the UK government, which will sanction the winning bidder.

According to those familiar with the process, the US consortium led by Boehly, which has the financial backing of US private equity firm Clearlake Capital, was informed on Friday that it may launch exclusive talks to buy Chelsea.

According to the persons, the other US bidders, one led by private equity tycoons Josh Harris and David Blitzer, and another led by basketball moguls Stephen Pagliuca and Larry Tanenbaum, were both told their bids were runners-up.

Boehly had begun exclusive talks with Chelsea, according to a foreign news channel.

Raine Group, a US boutique bank, has been in charge of the sales process, which has lasted more than a month and attracted a large number of potential bidders.

According to Ineos, Ratcliffe offered £2.5 billion of his offer to victims of Russia’s war in Ukraine, with the remaining £1.75 billion planned for investment in the football club over the next decade, including the Stamford Bridge stadium.

Ratcliffe’s offer was initially revealed in the local news.

The Mercedes Formula One racing team, the Ineos Grenadiers cycling squad, and the French football club OGC Nice are among Ratcliffe’s sporting ventures.

Ineos also contributes to the United Kingdom’s America’s Cup sailing squad.

Ineos offered Abramovich a buyout bid in 2018, but he turned it down. Abramovich rose to notoriety in the UK after purchasing Chelsea in 2003.

The Chelsea auction has piqued the curiosity of billionaires, institutional investors, and celebrity players, providing a once-in-a-lifetime opportunity to purchase a big-name team in the world’s most lucrative football league.

Chelsea became world-beaters thanks to Abramovich and his riches.

The team won five Premier League titles, ending Manchester United and Arsenal’s dominance, and competed in the Uefa Champions League, winning it for the second year in a row.

The sale requires special permission from the UK government, which has sanctioned Abramovich and placed limitations on Chelsea, including prohibiting the club from selling new goods or tickets to home fans.

It is now operating under a government license that allows the team to continue playing matches until the end of May.

The sale must also be approved by the Premier League.

Abramovich will not be able to profit from the sale, according to the UK authorities. Abramovich has stated that he intends to distribute the funds to war victims.