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Chelsea Takeover: Updates on Stephen Pagliuca bid – Stadium redevelopment plans and more
Updates on Stephen Pagliuca bid: Chelsea’s ownership situation continues to evolve rapidly with the takeover process now nearing its conclusion. Last week, Ricketts family’s withdrawal left the takeover contest to become a three-horse race between Todd Boehly, Sir Martin Broughton and Stephen Pagliuca’s consortiums.
The initial time frame given by the Raine Group to decide who will ultimately assume control of Chelsea was rumored to be by the end of May. However, recent speculation indicates that the takeover process is expected to be completed by the end of this month.
Raine Group expect to select a preferred bidder for Chelsea in conjunction with the club's board by the end of the month.
– @SkyNews
— Simon Phillips (@siphillipssport) April 20, 2022
Originally, the Stephen Pagliuca bid was welcomed by understandably mixed reactions from fans as the consortium had chosen to withhold details of the bid, sparking a debate over their potential incompetency. Fans respond better to straightforward talk, hence why the fans were lavishing the Boehly-led consortium with the most support. Now, however, they have revealed details of their bid in an effort to eliminate any or all suspicions.
As things stand, the bid for Chelsea launched by Boston Celtics co-owner, Stephen Pagliuca, is in conjunction with Canadian sports tycoon, Larry Tannenbaum – announced just a day before the final deadline – who is joining as co managing partner of the bid.
Larry Tannenbaum, chairman of NBA and MLSE
In an attempt to alleviate concerns over his bid not being as transparent as the rival, competing bids, Pagliuca has now offered details on the executives and investors who are backing his Chelsea interest. Besides the recently joining Larry Tannenbaum, who serves as chairman of the NBA’s board of governors, Pagliuca’s bid enjoys the financial muscle of former Walt Disney’s chairman Bob Iger, Facebook’s co-founder Eduardo Saverin, and billionaire capital investor Jim Breyer.
Former CEO of The Walt Disney Company, Bob Iger has been revealed as part of Stephen Pagliuca’s bid to buy Chelsea FC.
{TBI} pic.twitter.com/FoWIR9X8rg
— Vince™ (@Blue_Footy) April 19, 2022
In addition to that, the John Terry-led True Blues Consortium has also endorsed the Stephen Pagliuca bid. The True Blues consortium counts former Chelsea players among its founders besides John Terry and has publicly expressed confidence in the bid led by Pagliuca.
“Having engaged [with] and being well received by all the bidders, we were recently able to spend some time with Steve and Larry,” the group said in a statement released to Sky News.
“Getting to know their bid, we’re again confident that they are aligned with Chelsea fans, and of course, have experience in this area of owning sports teams.
“We feel the club are in a fortunate position with the final bidders and look forward to continuing dialogue with them.”
According to Goal, Pagliuca met with Chelsea Supporters’ Trust, The Women’s Supporters’ Trust, and Chelsea Pitch Owners to effectively outline their grand vision and plans for Chelsea, hoping to sway matters in their favour.
🚨 Stephen Pagliuca has met supporter groups and promised to build a world class stadium alongside keeping the men and women teams well funded.
Several Sources have suggested that they hope the process will be concluded this week. ( @NizaarKinsella ) pic.twitter.com/XaatvZ6jht
— Pys (@CFCPys) April 19, 2022
Pagliuca, who has started to engage with fan groups, sees Chelsea and Atalanta working together. Has high-profile investors and sees a development of Stamford Bridge as not just ‘improving’ the stadium but allowing it to be multi-functional away from just #CFC games.
— Ben Jacobs (@JacobsBen) April 20, 2022
Eager to earn the approval of the fans and the Raine Group, Pagliuca and Tannenbaum have reiterated their commitment to continue winning silverware at Chelsea. They have also talked – with unflagging resolve – about redeveloping Stamford Bridge into a world-class stadium, as part of their key proposal.
“Not only are we committed to remaining at the home of Chelsea, Stamford Bridge, but we are inspired to renovate or redevelop the stadium. Chelsea is a world-class team, in a world-class city, with world-class fans: it deserves a world-class stadium”. Stephen Pagliuca, ahead of the closing of the second bidding-window.
“Incorporating a broad spectrum of fan perspectives will be a fundamental part of our stewardship if successful.
“It was heartening to see the passion from the groups, on individual matters important to them, but also the common issues on which they sought clarity: mainly providing comfort on investment in the first team squads, ongoing investment in the academy, expanding the excellent work in the community, and the future redevelopment of Stamford Bridge. These are all stated key pillars of our bid and vision for Chelsea FC”. Pagliuca told the Sky News.
Also featured in their list of bold promises was a pledge never to involve the club in a revived European Super League, claiming to protect the club’s heritage.
Pagliuca closed the briefing by highlighting the extent of their seriousness towards the pursuit;
“We are able to back-up our intentions with real credentials and that credibility and validation is important to us”.
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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!
(via @NBCSportsSoccer)
— 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.
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’.
Club Statement.
— 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.
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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
WATCH: Chelsea’s out-of-favour striker Romelu Lukaku scores twice in action-packed second half 🔥
Official: Todd Boehly’s consortium signs agreement with Chelsea FC to succeed Roman Abramovich
Chelsea team news v Wolverhampton Wanderers: Four players on the injury list, including a midfield duo.
US-Saudi investor, Amr Zedan, the latest bidder to enter Chelsea takeover race
Chelsea Sale: Boston Celtics and Atlanta part-owner, Stephen Pagliuca, another emerging name to have submitted proposal for Chelsea
