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Centricus Said to Bid More Than $3.9 Billion for Chelsea FC
The offer from Centricus values Chelsea at more than 3 billion pounds ($3.9 billion), including commitments for further investment, a person familiar with the matter said, asking not to be identified discussing confidential information.
Centricus co-founder Nizar Al-Bassam and Chief Executive Officer Garth Ritchie sent their offer in with Lourie and Finch to The Raine Group, the New York-based investment bank sifting through all bids for Chelsea, another person said Sunday. Raine could decide on a shortlist of final bidders as soon as Monday, people said.
“If our offer is successful, Centricus would be focused on ensuring that the CFC Group continues to achieve sporting excellence, high level of community support, transparent governance, financial sustainability, fan engagement and exemplary custodianship,” the firm said in a statement.
The London-based investment firm has been involved in the sport before, notably when it discussed a $7 billion financing package with European football’s ruling body to overhaul the Champions League. In its statement, Centricus said it intended to maintain Chelsea’s existing management if it completes a takeover.
The group is among a raft of bidders chasing Chelsea. The west London club’s Russian billionaire owner Roman Abramovich put it up for sale after Russia’s invasion of Ukraine, which prompted the U.K. government to place him under far-reaching sanctions for his ties to President Vladimir Putin’s regime.
Bids were due on Friday. Other names to have entered the fray since include businessman Vivek Ranadive, who’s joined a consortium being led by Josh Harris, a co-founder of Apollo Global Management Inc., and Martin Broughton, a former chairman of British Airways Plc and Liverpool FC. Ranadive is a co-owner of National Basketball Association franchise the Sacramento Kings.
The latest additions to the list of potential buyers comes as the Daily Mail reported that Abramovich might turn down any bid from a country — including the U.S. and U.K. — that has sanctioned Russian oligarchs, a potential wrinkle to a process that was supposed to go through quickly.
Source: Bloomberg Business News