Chicago Cubs owners, the Ricketts family, are about to bid for Chelsea after joining forces with billionaire hedge fund mogul Ken Griffin.
Interested bidders have until Friday to submit takeover bids to Raine Group, the US bank handling the process, and the race to buy the club from Roman Abramovich is heating up. The main interest came from American-led groups, and the Ricketts publicly declared their interest, naming them as serious rivals to the consortium led by Todd Boley, Jonathan Goldstein and Hansjorg Wyss.
Chelsea, who need to make a quick sale, have no shortage of suitors. Boli, Goldstein and Wyss are waiting after they make an offer of between £2bn and £2.5bn, the Saudi media group is expected to make an offer and Woody Johnson, owner of the New York Jets, is showing strong interest. British real estate tycoon Nick Candy, who launched a sweeping attack on the Pain group on Wednesday, is facing a struggle to complete his takeover plans.
Candy, who is adamant that she will propose, risks being abandoned by her competitors. The Ricketts family has long been interested in Chelsea, they tried to buy the club in 2018 and are confident that this time they will succeed. They believe that working with Griffin, founder and CEO of Citadel Asset Management, will improve their chances. Griffin, 53, is valued at $26.5bn (£20.2bn) by Forbes and works privately.
The Ricketts believe their success with the Cubs proves they are good candidates. The baseball team won the World Series in 2016, and the family has overseen a major renovation of the team’s iconic field, Wrigley Field, which suggests they won’t be thrilled about the challenge of a potential refurbishment of Stamford Bridge.
A spokesman for the family said: “The Ricketts family, owners of the Chicago Cubs, can confirm that they will lead an investment group that will make a formal bid to buy Chelsea Football Club this Friday (March 18).
“As longtime leaders of a legendary professional sports team, the Ricketts family and their partners understand the importance of investing in success on the pitch while respecting the traditions of the club, fans and community. We look forward to sharing more details about our plans in due course.”
The Chicago Cubs celebrate winning the 2016 World Series of Baseball. Photo: Gene J Puskar/APSome Chelsea fans opposed the proposal after it was revealed that Joe Ricketts, the family’s patriarch, was accused of Islamophobia three years ago. The billionaire wrote in an email exchange in 2019: “Muslims are naturally my (our) enemies because of their deep antagonism and prejudice against non-Muslims.”
The comments sparked family backlash on Wednesday, with Chelsea fans on social media pointing out that Thomas Tuchel’s side had several Muslim players. However, it is understood that Joe Ricketts, who apologized for his comments at the time and insisted that he was not a bigot, would not be in the bid. In 2019, Tom Ricketts, the Chelsea bidder, distanced himself from comment and said his father had no connection to the Cubs.
Another concern for the family may be that Tom Ricketts, Cubs executives and Rain have formed a special purpose acquisition company in 2020. A source close to another bidder looking to buy Chelsea wonders if this relationship with Reign could be a conflict of interest. The Ricketts Consortium doesn’t see it that way.
Chelsea will be desperate to avoid any delay after the UK government imposed sanctions on Abramovich following Russia’s invasion of Ukraine. The European champions operate under a restrictive license and risk financial trouble if they are not bought soon.
As many as 200 groups notified Rhine of their interest. The leaders so far have been the Boehly-Goldstein-Wyss consortium, which is open to more investors joining their group.
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Reports that Candy is ready to team up with Boly, Wyss and Goldstein, who is a Tottenham fan, are not correct. A spokesman for Candy said: “No talks are underway with Nick Candy and the consortium of Todd Boley and Jonathan Goldstein, not least because Mr Candy does not want the lifelong Spurs fan to become part of Chelsea Football Club’s future ownership.”
Candy, who supports Chelsea, is still planning to bid. Sources said he has been approached by a number of investors and has the funds.
Rain remains hopeful that a deal can be done by the end of this month and bidders have been given the opportunity to view the club’s latest set of bills and their payroll. Since any deal requires the final approval of the UK government, Rein wants to make the process as smooth as possible. Bidders will be required to provide legal guarantees that they have sufficient funds to complete the transaction.