Sir Jim Ratcliffe won’t drop Chelsea offer despite ‘quick rejection’

Sir Jim Ratcliffe’s bid to buy Chelsea has been rejected by the bank overseeing the Blues’ sale.

However, Britain’s richest man has refused to back down from his bid to buy the Stamford Bridge club.

Ineos Director Tom Crotty has revealed Raine Group handed Ratcliffe a ‘quick rejection’ over his last-minute £4.25billion bid for Chelsea.

Petrochemicals boss Ratcliffe will continue to push to win the race to take the reins of Chelsea from Roman Abramovichhowever, despite this setback.

“We got a quick rejection from Raine,” Crotty told the PA news agency. “But we are still pushing because we believe we are a good bidder who would be good for the club’s long-term future.”

Ratcliffe made a final bid to buy Chelsea on Friday as New York investment bank Raine Group prepared to confirm Todd Boehly’s consortium as the preferred bidder.

Los Angeles Dodgers co-owner Boehly’s bid has been given preferred bidder status, with the Eldridge Industries chief now moving forward to try to strike a deal to buy the Blues.

Raine’s rejection of Ratcliffe, however, has not deterred the 69-year-old from continuing to push forward his bid to buy the west London club.

Boehly’s bid beat out consortia led by Sir Martin Broughton and Steve Pagliuca.

Raine could still turn to Broughton or Pagliuca if there is a problem with Boehly to progress the purchase.

Sir Martin Broughton was among the bidders for Chelsea (Peter Byrne/PA)

(PA wire)

Lord Sebastien Coe has joined forces with Broughton’s bid for Chelsea, with the chairman of World Athletics adding political and sporting administrative clout to the former British Airways chief executive’s consortium.

While Coe acknowledged Boehly’s offer now had the upper hand, he insisted he remained committed to Broughton’s consortium should circumstances change.

“It’s not the clearest process because all we know at the moment is this offer that was exclusively negotiated,” Coe told LBC.

“But there are other offers out there, I’m still very excited about the offer we made with Martin.”

Abramovich put Chelsea up for sale on March 2 due to Russia’s continued invasion of Ukraine.

The Russian-Israeli billionaire was subsequently sanctioned by the British government on March 10, with Downing Street chiefs claiming to have proven his links to Russian President Vladimir Putin.

Abramovich pledged to cancel his £1.5bn Chelsea loan when the sale was announced.

Sebastian Coe, centre, watching Chelsea at Stamford Bridge (John Walton/PA)

(PA wire)

The government is now believed to have raised concerns over Abramovich’s plans to write off Chelsea’s debt, although Abramovich expects it to be frozen when the sale is made.

The sale of Chelsea has a deadline of May 31, when the temporary government license for the Blues expires.

Chelsea fan Coe has called for a quick resolution, whoever the eventual buyer is, to allow the Blues to return to normal business.

“I buy into the idea that this can’t go on forever,” Coe said.

“There are all sorts of things that are at stake here and in particular the performance of a team. I know that as well as anyone – uncertainty in sport, uncertainty in performance, is a real challenge.

“You have coaches sitting there wondering what’s going on, players looking over their shoulders. It is really important that this be resolved.

“But it has to be done carefully and properly and in fact you can’t rush if there are still questions about ownership and offers, it’s unavoidable.”

Sir Jim Ratcliffe won’t drop Chelsea offer despite ‘quick rejection’

Source link Sir Jim Ratcliffe won’t drop Chelsea offer despite ‘quick rejection’

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