Abramovich has invested nearly $2 billion in his personal funds during his 19 years as an owner, during which time he has offset losses of about $1 million a week recruiting some of the best players in the world. Expensive but successful strategy: Chelsea went through the most successful period in its history, becoming a series of contenders for domestic and international titles, while also winning five Premier Leagues and two cups Europe.
If Boehly’s deal to buy the team goes through with mandatory approval from the government and the Premier League, which must also back the sale, his team will have to figure out how to maintain that success. while reducing the losses associated with on-field success and also pledging hundreds of millions of dollars to renovate Chelsea’s aging Stamford Bridge stadium, which has a capacity of just over 40,000, much smaller than other venues. arena that hosts the biggest teams of the Premier League.
The acquisition, in keeping with how it started, is a curious process, driven by Joe Ravitch, a Russian-speaking banker and co-founder of New York-based Raine. The announcement that Chelsea is available for sale has attracted interest from around the world, drawing a mix of serious candidates with a successful record to fringe figures who seem to use the interest. public interest in buying Chelsea as a means of raising their profile in the media. .
Ravitch has said very little publicly, despite making a surprising – and unsubstantiated claim – that Chelsea and other Premier League teams may be worthy of it. over 10 billion dollars in 5 years.
The process, while fast-paced for a buyout of the size of Chelsea, also drew derision from a number of quarters as deadlines for final offers were repeatedly extended to extract the highest prices. even if the seller, Abramovich, cannot expect to be paid. The highly publicized nature of the sale also means that the type of merchandise must be scrutinized, leading to some embarrassment for potential buyers.
A joint offer involves the Ricketts family, owners of the Chicago Cubs, and hedge fund billionaire Ken Griffin, which have struggled to sidestep claims of racism after anti-Muslim emails were filed. patriarch Joe Ricketts sent in 2019 resurfaced. Efforts to separate the bid from the Ricketts and statements highlighting the family’s opposition to racism have failed to convince some Chelsea supporters, and Ricketts withdrew from the process last month , leaving the last three bidders.
