Roman Abramovich Selling Chelsea Soccer

[Franco Pinion]

The UK government has given the green light for the sale of Chelsea to resume after it sanctioned owner Roman Abramovich.

Discussions have been held between the government and Raine, the US bank handling the sale of Chelsea, and the process is to resume as it was before Abramovich was sanctioned.

It's also believed there is confidence a deal could be agreed within the next four to six weeks, with several credible interested parties. There have not yet been any formal bids made.

Chelsea's "special licence" issued by the UK government allows the Premier League club to fulfil its fixtures and for "staff to be paid and existing ticket holders to attend matches".

It's understood that Raine intends to apply for a second licence, once it has a preferred bidder, to allow a sale to take place.

Described by the UK government as a "pro-Kremlin oligarch" following Russia's invasion of Ukraine, Abramovich has also been hit with a travel ban as well as an asset freeze.

The sale of Chelsea can now only progress if Abramovich is able to prove to the UK government that he will not personally benefit from the transaction.

 

[Son Of Jack]

The Premier League has disqualified Chelsea owner Roman Abramovich as a director of the club after the oligarch was sanctioned by the UK government.

Abramovich had his British assets - including Chelsea - frozen on Thursday as part of the government's response to Russia's invasion of Ukraine.
The move put the Russian's prospective sale of the club on hold.

The Premier League said Abramovich's disqualification would "not impact on the club's ability to train and play".

This latest development underlines the need for a deal to be done quickly. A sale cannot come soon enough.

 

[Franco Pinion]

Chelsea sponsors Hyundai have suspended their deal with the club after sanctions were placed on Roman Abramovich by the UK government.

Hyundai has been Chelsea's "official global automotive partner" since 2018.

The South Korean motor company said in a statement: "Hyundai has become one of the strongest partners in football over the years and the company supports the sport to be a force for good.

"Through our partnership with Chelsea FC, we are proud supporters of the players, the fans and grassroots football.

"However, in the current circumstances, we have taken the decision to suspend our marketing and communication activities with the Club until further notice."

Shirt sponsors Three announced it was suspending its deal with the Stamford Bridge club on Thursday. Nike remains committed to its partnership with Chelsea and Chelsea training kit sponsor Trivago will also stand by the club but added to calls for a change of ownership "as soon as possible".

 

[Bandit]

 https://twitter.com/i/web/status/1503048396415938562

Tuchel at the wheel!

 

[Son Of Jack]

If the money is going to the government and therefore the taxpayer, will they just be obliged to accept the highest offer from a "fit and proper" person?

i.e. they won't be able to take into account which buyer might be best for the club, as Abramovich might have done?

 

[Tom]

No, it's still Abramovich's asset and he is the one who decides to whom he wants to sell. The government's role is to ensure Abramovich does not get the money from the process.

He would have to fight it out in court if he wanted to get the money. The money won't go to the government since Abramovich's assets were not seized but frozen.

 

[Tom]

According to BBC, there were between 10 and 15 bids by the deadline on Friday.

Raine Group will then consult and get it down eventually to around 5 and then submit the preferred bidder, for Government approval and eventually the Premier League fit and proper tests etc.

Experts say £2-3bn is way overpriced because the assets and stadium-size are very limited and expansion of Stamford Bridge is very unlikely.

A couple of bids from NFL and NBA owners would be looking to create a similar model to those franchises, also similar to Glazers.

Nick Candy has 2 South Korean partners on board as part of his bid.

 

[Crabtree]

The government has amended the special license allowing Chelsea to sell tickets to fans for both PL and CL games. Proceeds from the Real Madrid game will be pocketed by UEFA and proceeds from the PL games will be pocketed by the PL and FA. They say some of that will go to charity too.

 

[David76]

Simon Jordan questioning why anyone is paying stupid money for Chelsea when it is a distressed asset.

Says makes very little business sense.

Have been saying this all along, the £3bn price tag even £2bn is far too much for a club of this size.

Will be interesting to see what happens in the short and long term.

 

[Tom]

Nick Candy and Woody Johnson are out of the race to buy Chelsea.

Candy, the British property developer, was public about his bid but it is believed he has been told that he is not being shortlisted as a potential buyer.

American Johnson, the great-grandson of the founder of the Johnson & Johnson pharmaceutical empire, was also interested but has also been left off the shortlist.