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Chelsea takeover: Ricketts family-led consortium withdraws bid to buy Premier League club | UK News

The consortium led by the Ricketts family has withdrawn its bid to buy Chelsea Football Club.

The Chicago Cubs owners and their partners chose not to make a definitive bid for the bluesbecause of “unusual dynamics surrounding the sales process”.

Tom and Laura Ricketts had teamed up with US billionaires Ken Griffin and Dan Gilbert to place a cash-only bid and were one of them the final four shortlisted bidders in the running to buy the club.

However, those plans have now ended as consortium members appeared to be unable to agree on the final details of the deal.

Picture:
Chicago Cubs owner Tom Ricketts

“The Ricketts-Griffin-Gilbert group has, after careful consideration, decided not to make a definitive offer for Chelsea FC,” the Ricketts family said in a statement.

“In the process of finalizing the offer, it became increasingly clear that certain issues could not be addressed given the unusual dynamics in the sales process.

“We have great admiration for Chelsea and its supporters and wish the new owners well.”

Final bids were due to be submitted to New York merchant bank Raine Group on Thursday.

Continue reading: US investor Clearlake is said to own 50% of the shares if Boehly wins the auction

The remaining three bidders are syndicates led by LA Dodgers part owner Todd Boehly, Sir Martin Broughton and Boston Celtics part owner Steve Pagliuca.

Ricketts’ offer was unpopular with many Chelsea fans since Joe Ricketts, the family patriarch, sent discriminatory emails in 2009.

Earlier this month, supporters held a small demonstration at Stamford Bridge over the bid.

Roman Abramovich
Picture:
Roman Abramovich

The club has been put up for sale by its billionaire owner Roman Abramovich on March 2 amid the Russian invasion of Ukraine.

Just eight days later, the 55-year-old was approved by the UK governmentwith Downing Street claiming to have proven its ties to Vladimir Putin.

Since then, the club has operated under a special government license that comes with strict conditions.

Mr Abramovich cannot benefit from Chelsea sale but had already pledged to write off the club’s £1.5billion debt.

Chelsea takeover: Ricketts family-led consortium withdraws bid to buy Premier League club | UK News

Source link Chelsea takeover: Ricketts family-led consortium withdraws bid to buy Premier League club | UK News

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