The Boehly bid — which is now being referred to as the Clearlake-Boehly bid to reflect the majority source of the funding and the 50-50 power split between the private equity firm and the face of the consortium — have yet to be officially named as the “preferred” bidders and thus the preferred next ownership group for Chelsea Football Club, but behind the scenes the process seems to be moving right along.
Raine Group (or perhaps Chelsea?) should be making the official announcement sometime today (Monday), but our prospective new overlords are probably already hard at work at finalizing the details of this transfer during this exclusivity phase. And they don’t have much time to waste: according to Sky News, they have “until the end of this week to finalise the terms of a takeover”. And the other bids apparently remain on standby in case something goes awry.
It’s unclear if Sir Jim Ratcliffe’s bid is among those on standby, though an amusing note from Sky adds that the £4.25b that he offered in total is not only not significantly higher than the Boehly bid, it is in fact lower — further underlining the showboating nature of this late flex.
Meanwhile, Sky also report that the Premier League are already “advanced” in their scrutiny of the Boehly bid under the league’s Owners And Directors Test, while Clearlake have assured the UK Government that they don’t have any involvement with Russian investors or investments in Russian companies, ahead of providing proof of the same. Gaining the necessary approval of both the Premier League and the UK Government is not expected to pose any additional complications and both are “unlikely” to object.
Revealed: Clearlake Capital, the majority funder of Todd Boehly’s preferred bid for Chelsea Football Club, has offered assurances to the Premier League about the identities of its fund investors in an attempt to win swift approval for the takeover. https://t.co/jmhZNsRB1v— Mark Kleinman (@MarkKleinmanSky) May 1, 2022