Now that final list of Chelsea bidders is presumably done, we enter the next stage of the purchase process in which those left in this final stretch have the opportunity to alter bids and show further commitment to the operation. Due diligence is the least we can expect from Raine Group, who should continue to make sure potential buyers have the funds and everything else we need in order to complete the sale until the end of next month if we are in luck.
A dramatic couple of days in the bid to buy #Chelsea . We have a shortlist of 4 and Raine want the sale completed by the end of April. Now bidders get access to the the data room, which could see them lower offers or pull out, both of which are unlikely https://t.co/sZv1YJlmQc— James Robson (@jamesrobsonES) March 26, 2022
Money is always the key, as Raine Group insists bidders have to commit not just on a final figure in their binding offers until mid-April, but also to spending at least £1bn on the club’s infrastructure (a.k.a. stadium) and squad. There is however no disclosure in Sky News’ report on how this investment will be made over time, which could set us up for big frustration in case they are too lenient on this key detail.
Another important thing in the final decision, at least according to Raine, will be the fans. Thus the Ricketts family — seen as the least favoured in the remaining group of four bidders, which include Todd Boehly, Sir Martin Broughton and Stephen Pagliuca — might have the funds to beat their contenders, but not the public sway to win the entire process over.
Latest on Chelsea sale:— Matt Law (@Matt_Law_DT) March 26, 2022
* Insistence on £1bn commitment will push Raine fee up
* Raine promise fans will be considered and suggest shortlisted bidders will get the chance to make improved offers
* The Ricketts have the money to satisfy Chelsea demands but face uphill battle #cfc
An interesting tidbit on bidder identity is that we also had a “surprise” approach from yet another American billionaire, John Malone, via his special purpose acquisition company Liberty Media Acquisition Corp. Despite parent corporation Liberty Media owning MLB team Atlanta Braves and Formula One Group, they did not do a good enough job at convincing Raine they should have been selected as potential Chelsea owners from April (or later) on.
Exclusive: I have also learnt that Liberty Media Acquisition Corp, a New York-listed 'blank cheque' company known as a SPAC set up by the Atlanta Braves and F1 motor racing-owning media tycoon John Malone, was among the parties which tabled unsuccessful offers for Chelsea.— Mark Kleinman (@MarkKleinmanSky) March 26, 2022