Recent developments on Chelsea sale: Fresh bid registered by Saudi Media Group amid the looming Friday deadline
Saudi Media Group have registered their interest in securing the ownership of Chelsea as the government encourages swift takeover amid the looming Friday deadline.
Chelsea football club was put up for sale on 2nd March by Roman Abramovich in an attempt to insulate the club if he were to receive sanctions from the UK government, targeting his alleged ‘Pro-Kremlin’ stance, in the wake of Russian invasion of Ukraine.
Before the Russian billionaire could complete the sale process, he was hit with sanctions from the government, including asset freeze restrictions, a travel ban into the country and a prohibition to continue any business-related activities in the UK.
The sanctions imposed on Abramovich resulted in halting the sale process of Chelsea, but upon reviewing the restrictions, The Raine Group, who’s facilitating the sale process, were directed by the government to reopen the bids for the club, under state specified conditions.
The central premise of the set conditions was that Roman Abramovich wouldn’t profit from the transaction and would agree to follow the terms dictated by the government.
The initial deadline of 15th March for submitting bids was also extended to 18th March to compensate for the delay caused by the sanctions.
Now, as the deadline is approaching, the parties interested have started putting forward ‘attractive’ bids to navigate the competition surrounding the process.
By far, the frontrunners in the race are a consortium headed by Todd Boehly, Jonathan Goldstein and Hansjörg Wyss, British property developer and billionaire, Nick Candy, who is also putting together a consortium to buy Chelsea and now Saudi Media Group.
Who owns the Saudi Media Group?
According to a report by Ben Jacobs, The Saudi Media Group have already submitted the bid of £2.7Bn, quite close to the asking price of £3Bn.
The Saudi Media Group is run by Mohamed Al Khereiji, who’s also a Chelsea fan. The Saudi Media Group is the biggest media company in the Middle East and generate an estimated £770 million per year.
On top of such an ambitious bid, Mohamed Al Khereiji has also outlined his intention to redevelop Stamford Bridge in order to upgrade the housing capacity of the stadium, a project that was previously abandoned due to unfavorable political climate at the time.
The Chelsea fan has also vowed to ensure growth and success at Chelsea’s Women’s team and the Academy as well.
The bid is reportedly being funded by the Saudi Telecom company chair, Muhammed Bin Khalid Al Saud.
In response to the earlier implication from the government to filter out all ‘politically sensitive‘ parties, the Saudi Media Group have ensured they’re independent of state intervention and have no direct links to the Saudi government.
Unlike Newcastle’s Saudi owners, who are owned the by the Saudi Arabian state through Public Investment Fund, the Saudi Media Group claims they’re an entirely private entity.
Khereiji has confirmed his focus also remains on retaining the services of the key players, Cesar Azpilicueta and Antonio Rüdiger, whose contracts are nearing expiration by the end of the season.
Considering the potential positives of this offer, Saudi Media Group are currently spearheading the interest. His status as a dedicated Chelsea fan could prove to be strongly influential in him securing the ownership of Chelsea.
His takeover could result in Chelsea’s fanbase to broaden due to exposure in the Middle East. This could also be a potential selling point.
Another leading interest besides Saudi Media Group
Another prospective buyer leading the frontline includes Nick Candy, who reportedly has funds to push for the Chelsea bid now.
Nick Candy is also a childhood Chelsea fan and has also put forward attractive offers to ensure a successful future for the club.
“I’ve supported Chelsea since I was the age of four,”
“My dad was asked to play for Chelsea. I love Chelsea. I don’t mind where it ends up, even if it’s not with me, as long as it’s in safe hands”. – Nick Candy to Sky Sports
His offer entails a promise of giving Chelsea fans a seat on its board in case his bid is accepted.
Nick Candy has also offered to provide short-term funding to Chelsea if the club is faced with a cash-flow crisis, as confirmed by his spokesperson.
WATCH: Chelsea’s out-of-favour striker Romelu Lukaku scores twice in action-packed second half 🔥
Romelu Lukaku scores twice v Wolves: Chelsea welcomed Wolverhampton Wanderers to Stamford Bridge tonight in a contest where they were hopeful of reversing their poor run of form to guarantee themselves a Champions League berth.
Despite the Blues receiving two goal scoring opportunities in the first-half of the game, it still ended in a stalemate. However, as the second-half commenced, Romelu Lukaku stepped up to strike twice in quick succession to put Chelsea on a trajectory toward what appeared to be a deserved victory at that time.
Lukaku’s goal tally for Chelsea this season has totalled up to 14 now, causing him to become the highest goal scorer for the Blues, just a goal ahead of Kai Havertz. His performance tonight underlines his renewed confidence as he looks to be approaching the sort of form that had deserted him for most of the season.
Romelu Lukaku hadn’t scored in the Premier League since December 29th.
129 days later and he's got a brace in 3 minutes ⚽⚽ pic.twitter.com/FzZx49vvHw
— B/R Football (@brfootball) May 7, 2022
Watch how Romelu Lukaku scores twice in quick succession to give Chelsea’s scoreline an uplift:
The first goal came in response to a VAR call for a foul committed by Saiss on Romelu Lukaku as both players were caught up in a tangle on the edge of the penalty area.
Watch Lukaku’s left-footed penalty here:
The second goal was a Pulisic interception that found Lukaku who then completed the play with an emphatic low finish from the edge of the box with his weaker right foot.
Romelu Lukaku gets his brace with an assist from Christian Pulisic!
— Chelsea FC USA (@ChelseaFCinUSA) May 7, 2022
Lukaku wasn’t able to register himself on the scoresheet for Chelsea ever since the start of year 2022 – a daunting prospect for such an expensive striker – however, that record has been laid to rest today as his goals v Wolves have certainly managed to make a statement of his intent.
It’s a shame that a subpar defensive performance from his side overshadowed his monumental return to form. Chelsea were stripped to bone with comeback goals from Wolves that added misery to Chelsea’s hopes of securing a victory. The game ended in an unanticipated 2-2 draw.
After racking up underwhelming results from their recent run-ins, Chelsea are looking a lot less comfortable in the rough and tumble of Premier League’s top-four now. With the fourth-placed Arsenal and fifth-placed Tottenham breathing down Chelsea’s neck, their margin for error has now decreased to just two points, especially after having picked up only 5 points from a possible 15.
Official: Todd Boehly’s consortium signs agreement with Chelsea FC to succeed Roman Abramovich
Chelsea released an official statement in the early hours of Saturday morning confirming that the terms have been agreed with the LA Dodgers’ part-owner Todd Boehly’s consortium to complete the £4.25bn takeover of the club though the acquisition is yet to be approved by the Premier League authorities as well as the UK government.
The statement read:
‘Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the Club’.
— Chelsea FC (@ChelseaFC) May 7, 2022
🚨🔵 Official. Chelsea statement now confirms that “terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the Club”. #CFC
It’s the end of Roman Abramovich era. pic.twitter.com/fTw5EMdd8p
— Fabrizio Romano (@FabrizioRomano) May 7, 2022
Last week, it was revealed that Todd Boehly & Co were Raine Group’s preferred choice to succeed Roman Abramovich following which the group were given one-week window of exclusive negotiations with the club to finalise the takeover. The deal had appeared in doubt due to late interest from Sir Jim Ratcliffe, however, those fears were dissipated as the Ratcliffe bid was later dismissed on account of his inability to complete the sale process by May 31st – the date when Chelsea’s current license expires.
Although the group is fronted by Todd Boehly, private equity firm Clearlake Capital is the one providing the majority of the financial firepower to it. The consortium also includes Swiss billionaire Hansjörg Wyss, Boehly’s fellow LA Dodgers’ owner Mark Walter and the British property developer Jonathan Goldstein.
As per Chelsea’s official statement, the £4.25bn headline sum includes the £2.5bn cost required to secure shares in Chelsea – which will go into a frozen UK bank account for the purpose of releasing 100 per cent of the proceeds to charitable causes – the remaining £1.75bn is the amount the group have committed to invest in the club’s future, covering costs regarding redevelopment projects and ensuring there are sufficient funds in place for operational use.
‘The proposed new owners will commit £1.75bn in further investment for the benefit of the Club. This includes investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation’.
The Clause also placed a limit on the debt the new owners can place on the club.
It also made sure the group pledged £1.75B to be invested in Chelsea's male and female teams, the academy, stadium, and the Chelsea Foundation.
Roman Abramovich secured Chelsea for at least 10yrs. pic.twitter.com/RhZ985Vuxq
— SportsDokita (Odogwu ☝️) (@Sports_Doctor2) May 7, 2022
Few final, obligatory steps remain in the official transfer of ownership of Chelsea Football Club to Todd Boehly’s consortium, one of which requires all group members to complete the Premier League Owners’ and Directors’ Test. Furthermore, Chelsea will have to apply for the amended license from the UK government that would upgrade the club’s operational capacity in addition to allowing the transaction to go ahead. The preparations are underway as the Raine Group wants the sale process to reach its completion as soon as possible.
Chelsea team news v Wolverhampton Wanderers: Four players on the injury list, including a midfield duo.
Chelsea team news v Wolverhampton Wanderers: Chelsea welcome Wolverhampton Wanderers to Stamford Bridge on Saturday where they will be looking to reverse their poor run of form to guarantee themselves a Champions League berth. There are four player absentees that have been confirmed so far by head coach, Thomas Tuchel, in today’s pre-match conference.
After racking up underwhelming results from their recent run-ins, Chelsea are looking a lot less comfortable in the rough and tumble of Premier League’s top-four now. With the fourth-placed Arsenal and fifth-placed Tottenham breathing down Chelsea’s neck, their margin for error has now decreased to just three points, especially after having picked up only 4 points from a possible 12.
Chelsea team news v Wolverhampton Wanderers: The central midfield duo N’Golo Kante and Jorginho are ruled out of action for tomorrow’s clash as reported by Thomas Tuchel at a press briefing today.
Additionally, the long-term absentees Callum Hudson-Odoi and Ben Chilwell also remain restricted to the sidelines, despite returning to light training.
Thomas Tuchel has confirmed #Chelsea will be without quartet Ben Chilwell, Jorginho, N'Golo Kante and Callum Hudson-Odoi against Wolves.https://t.co/WfBnda02YO
— Absolute Chelsea (@AbsoluteChelsea) May 6, 2022
N’Golo Kante had sustained a knock in the game against Manchester United, consequently missing last weekend’s trip to Everton where his fellow midfielder Jorginho was taken off the pitch at interval.
‘For N’Golo it comes too early. Jorginho is out as well, these two are missing. Callum and Ben Chilwell are still out,’ said the Blues boss.
The duo’s unavailability will give way to introducing Kovačić and most likely RLC in their stead as the latter is currently enjoying an upturn in form.
Mateo Kovačić returned to action as a half-time substitute last weekend after missing a couple games on account of nursing an ankle injury. He stands the highest chance of featuring a start in tomorrow’s game v Wolves.
There is a growing feeling that Tuchel might give Romelu Lukaku a start tomorrow, considering his substitute Kai Havertz is also struggling to find the form that has recently deserted him.
Thomas Tuchel has expressed optimism regarding Lukaku’s reaction in training this week. The Blues boss said;
‘I want him to be an important part of the squad, right now he is very important. There is no recruitment and no players are about to leave because it’s simply not possible,’
‘We need to adapt all the time, to contractual situations and also individual situations, to what we and the players want.
‘We signed a big player, he is a big player. He didn’t come on [at Everton] as we had only three changes, and unfortunately we used one at half-time with Jorginho. Otherwise there was a huge chance we had the same changes as against West Ham, with Christian Pulisic and Hakim Ziyech,’
‘He trained very well, maybe he starts tomorrow, we’ll see.’
🗣️ "Maybe starts tomorrow, let's see." 👀
Thomas Tuchel says he wants Romelu Lukaku to be an important part of the squad next season and discusses why he wasn't played against Everton 🔵 pic.twitter.com/n8Lf0sEvRP
— Sky Sports News (@SkySportsNews) May 6, 2022