Ricketts family withdraw their bid to purchase Chelsea Football Club
Ricketts family have reportedly abandoned their interest in chasing ownership for Chelsea just hours after the Raine Group closed the second bidding window on April 14th; the revised deadline to submit final and improved bids.
— Nick Purewal (@NickPurewal) April 15, 2022
The Ricketts-led consortium was backed by US billionaires, Ken Griffin and Dan Gilbert. They were already offering their impressive experience of managing a sports team and global footprint in an attempt to rank high up in the competition, but the presence of such big financial backing behind their consortium added further weight to their proven ability.
Hence, their decision to withdraw the bid comes as a shock as Ricketts family – along with Todd Boehly – were touted as frontrunners in the race to buy Chelsea. This highly unexpected turnaround has caused the takeover contest to become a three-horse race now, cut down from four.
However, that’s no great loss as they were the least desirable bidder of the bunch – having attracted a big cloud of controversy by virtue of the family’s patriarch, Joe Ricketts’ disgusting racist remarks and anti-Muslim sentiments revealed through leaked emails. Although they had become centerpieces of the takeover campaign, the baggage their bid carried from the get-go, despite the financial muscle, could’ve been a tough challenge to navigate for Raine Group in the final selection process. On paper, their bid might have looked to be ticking all of Raine Group’s boxes. In reality, though, considerable scepticism surrounded their bid.
In the early stages of the second bidding window, the group had put forward an all-cash offer for Chelsea in an attempt to raise paddles and sway matters in their favour. But, not even a day after the deadline had passed, the Ricketts-led group confirmed they decided not to submit the final bid for Chelsea. The statement they released to the press on Friday, read;
“The Ricketts-Griffin-Gilbert group has decided, after careful consideration, not to submit a final bid for Chelsea FC,”
“In the process of finalising the proposal, it became increasingly clear that certain issues could not be addressed given the unusual dynamics around the sales process.
“We have great admiration for Chelsea and its fans and we wish the new owners well.”
Many of Chelsea faithful protested against Ricketts family’s potential takeover of the club outside of Stamford Bridge, their voices of dissent growing louder and louder. Before that, thousands of fans trended the hashtag #NoToRicketts on twitter as they rallied behind the shared goal of keeping the family away from the club following the Joe Ricketts controversy.
Chelsea fans protest the Ricketts family’s bid to buy the club before their match against Brentford.
Leaked emails previously showed family patriarch Joe Ricketts using anti-Muslim language between 2009 and 2013. pic.twitter.com/JnD6QeD3za
— B/R Football (@brfootball) April 2, 2022
It is understood that the group have not ‘bowed to pressure’ from masses that were opposing their takeover, instead their decision to retract the bid is largely centred around reasons related to members’ disagreement towards certain terms present in the final make-up of the deal. It could most likely be that their investment thesis could not be sustained, however, no reports confirm such claims.
— Nizaar Kinsella (@NizaarKinsella) April 15, 2022
The Ricketts family maintain fan backlash didn't contribute to their decision to withdraw. You'd expect them to say that. But there were issues over the share split. Sources tell me Ken Griffin was vocal in wanting to pull out.
— Ben Jacobs (@JacobsBen) April 15, 2022
After this major exit in the process for the new Chelsea’s ownership there are three possible candidates left to buy the club in the next weeks: The Todd Boehly-led consortium, Sir Martin Broughton’s consortium and Steve Pagliuca’s consortium.
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.
— 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