At long last, Raine Group has decided on who makes to the next stage in Chelsea’s ownership transfer from Roman Abramovich’s hands. The select group of four, not three, bidders, includes a surprise name in Boston Celtics co-owner Stephen Pagliuca.
Big news from @mjshrimper: Stephen Pagliuca, majority owner of Atalanta and owner of the Boston Celtics, is the fourth Chelsea bidder to make Raine’s final shortlist. He’s got some serious money behind him.— Liam Twomey (@liam_twomey) March 25, 2022
Full @TheAthleticUK story here #CFC https://t.co/OOYLmGB42V
Pagliuca started his career in the consulting world, making his way from KPMG in the Netherlands to Bain & Company. He then joined Bain Capital in 1989, to become their co-chairman in 2016.
In 2002 Pagliuca became co-owner of the Celtics, as well as managing partner. Almost 20 years later he made his first move in football, taking charge as co-chairman of Italian club Atalanta by purchasing 55% of the club with a group of investors last month.
Stephen Pagliuca's bid for #cfc that was first reported by @MarkKleinmanSky would require him to dilute his 55 per cent stake in Atalanta because of the threat of both clubs being in the CL. Four shortlisted bids but still looks like a Boehly v Harris-Broughton shootout to me— Matt Law (@Matt_Law_DT) March 25, 2022
The other three final bids are the ones previously reported by the media at large. Approaches made by Todd Boehly and Sir Martin Broughton remain in the chase, and so does the Ricketts family’s — whose bid has not been literally “knocked back”, as it turns out, and who have now seemingly employed the services of the investment bank, Lazard as an advisor in an effort to salvage the deal.
Exclusive: The Chicago Cubs-owning Ricketts family and hedge fund tycoon Ken Griffin are in talks to hire Lazard, the investment bank, to help salvage their bid for Chelsea FC amid controversy over racist comments made by Joe Ricketts a decade ago. https://t.co/bIrIIu1J4o— Mark Kleinman (@MarkKleinmanSky) March 25, 2022
The final decision on Chelsea’s new owner(s) will be taken by the board that includes Marina Granovskaia, Bruce Buck, Eugene Tenenbaum and David Barnard. All of the offers will be subjected to heavy examination, with background checks conducted on the contenders and their sources of income. Raine Group are not said to be making the choice and are simply advising.
OFFICIAL: Raine has shortlisted four #CFC bids all with US links. Ricketts family are through to next stage. Todd Boehly, David Blitzer & Josh Harris and Stephen Pagliuca have made shortlist. 'Auction' style process now. All four can do due diligence. New owner by end of April.— Ben Jacobs (@JacobsBen) March 25, 2022
And so we have it. It’s a “final four” with heavy American ties, which is statistically expected given how the United States have the most billionaires in the planet who can either afford and/or know who and where to go to finance Chelsea’s purchase at a market rate.