The Chicago Cubs owners have teamed up with Ken Griffen in the takeover bid of Chelsea Football Club. The latest offer comes ahead of the Friday deadline given by Roman Abramovich to sell the Club after intense scrutiny of his relations with President Putin following the invasion of Ukraine by Russia.
More on the bidding
One of the most successful teams of Europe saw its sale offer sparking more than twenty bidders that included Hansjoerg Wyss, a Swiss businessman, Apollo Global co-founder Josh Harris, and Todd Boehly, the co-owner of Los Angeles Dodgers.
Most of the top football clubs in England are bought by Foreigners, such as Sovereign Wealth Fund of Saudi Arabia purchased Newcastle United in 2021. It is not typical for a top team to offer themselves for sale as Chelsea is currently the European and world club champion.
As per Bloomberg news, the Ricketts family, the co-bidders, and Griffin had tasted some success with the Cubs in 2016 when they won the baseball world series for the first time in 100 years. It faced criticism in recent years after struggling and the local press saying that the owners are not fielding the best team.
Griffin, based out of Chicago and founder of hedge fund Citadel, is a part of the investor group investing in a club to achieve success on the pitch while minting the club traditions and respecting its fans and communities.
The bid was reported on Wednesday by Sky News.
The 20 team English Premier League makes around $13.1 billion from live broadcasting rights over three years. Each team receives £100 million every year. Four teams qualify for the European Champions League, and it is lucrative if a team advances further in the tournament.
Chelsea’s fortune transformed after Abramovich took over controls in 2003 with the sanctions of the U.K. the Chelsea team works under a strict licensing agreement where it cannot sell new merchandise and tickets and has restrictions on the amount it can spend on home and away matches.
The billionaire says that the net proceeds from the club sale will go to a foundation to help the Ukraine war victims.
Suppose the bidders are successful in their bid. In that case, the new American owners Rickett and Griffin will join several American owners who own clubs in the Premier League, such as the Glazer family of Manchester United and the Kroenka family of Arsenal. These two clubs have had mixed fortunes under their U.S. owners who have invested less than Abramovich or Sheik Mansour, a gulf royal and owner of Manchester City.
On Monday in an interview, Nick Candy, a U.K. property developer, said that he had discussions with potential bidding partners, including Martin Broughton, a British businessman, to make a bid.
Griffin’s net worth is more than $30 billion has ties with the U.K. via his businesses.
