Chelsea bidders wait for news after submitting improved offers for club

The four groups trying to buy Chelsea face an anxious wait after lodging improved bids for the club on Thursday. The merits of each offer are being assessed by Roman Abramovich and the club’s board, and Raine, the American bank handling the sale, is expected to take a preferred bidder to the UK government for approval early next week.

Raine’s input is likely to have an influence on the Chelsea hierarchy’s decision and it is believed that the highest bid will not necessarily be the successful one. Abramovich, who was hit with sanctions after Russia’s invasion of Ukraine, is also expected to take into account the club’s future wellbeing. The Russian billionaire wants Chelsea, who could be sold for as much as £2.75bn, to be in good hands.

The bidders all have a heavy background in American sports. They include a consortium led by the co-owner of the LA Dodgers, Todd Boehly, and one by the owners of the Chicago Cubs, Tom and Laura Ricketts.

A consortium fronted by Sir Martin Broughton and Sebastian Coe has received backing from the owners of the Philadelphia 76ers basketball team, Josh Harris and David Blitzer. The fourth bid is led by the Boston Celtics’ co-owner, Steve Pagliuca. All four groups say their bids are cash only and will not load Chelsea with debt.

Sources close to the process believe that a preferred bid could emerge after Monday. However there have been delays throughout and there could be no developments until the end of the next week. The Premier League will need to ensure each bidder will pass its fit and proper owners test, while the government’s main priority is ensuring that no money from the sale goes to Abramovich. The government will need to issue a licence for the sale to go through.

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