Who Is Bidding On Chelsea?

A late bid to buy Chelsea was launched by British billionaire Jim Ratcliffe on Friday even as the sale process was reaching its end-game with the selection of a preferred bidder for the English Premier League club.

Ratcliffe, who has an existing portfolio of sports investments, ruled out joining the bidding when Roman Abramovich was forced to put Chelsea up for sale after being sanctioned by the British government in March over his ties to President Vladimir Putin following the invasion of Ukraine.

But Ratcliffe has bid 2.5 billion pounds ($3.1 billion) — around the same price being offered by rival investors — while also pledging to invest 1.75 billion pounds ($2.2 billion) in the 2021 Champions League winner over the next 10 years to try to maintain the successes enjoyed during Abramovich’s 19 years as owner.

Chelsea is among Abramovich’s frozen assets which is allowed to continue operating as a business only under terms set by the British government, which would have to grant a license to approve the sale and ensure the oligarch did not benefit financially.

The sale is being overseen by a New York-based merchant bank, the Raine Group, which had no immediate comment on reports.

The group led by Boston Celtics co-owner Steve Pagliuca said it was informed on Friday that it was not chosen among the preferred bidders.

A third bid was fronted by former Liverpool chairman Martin Broughton.

It was not immediately clear how Ratcliffe’s bid would be considered.

Ratcliffe, the chairman of chemical giant INEOS, owns European teams Nice and Lausanne as well as a cycling team and Britain’s America’s Cup sailing team.