Sir Jim Ratcliffe stunned the footballing world with a late offer worth more than 4 billion pounds to buy Chelsea. Nevertheless, American Todd Boehly was chosen as the preferred bidder and will now enter talks to complete the deal.
Ratcliffe’s eleventh-hour offer to buy Chelsea from Roman Abramovich stunned those involved in the bidding process – and those watching from afar. Despite earlier reports distancing him from the Chelsea sale, Ratcliffe came in with a last-minute offer, circumventing the thorough negotiation process that the Raine Group – the New York-based bank tasked with the sale of the club – had undertaken so far.
Ratcliffe confirmed the same to The Times on Friday after the details of his involvement became known.
“We put an offer in morning. We are the only British bid. Our motives are simply to try and create a very fine club in London. We have no profit motive because we make our money in other ways.”
he said.
A statement released by Ratcliffe’s representatives confirmed the bid to be the highest so far while outlining exactly what proportion of money would go to specific areas.
“Sir Jim Ratcliffe, Chairman of INEOS, has made a formal bid for Chelsea FC, for £4.25bn. £2.5bn is committed to the Charitable Trust to support victims of the war, with £1.75bn committed to investment directly into the club over the next 10 years,”
the statement read.
Despite Ratcliffe’s attempts to gazump the competition, it later emerged that American businessman Todd Boehly and his consortium had been chosen as the preferred bidders. Boehly and co beat competition from the Ricketts family, Stephen Pagliuca, and Sir Martin Broughton – but did not enter an exclusivity agreement.
Boehly’s group, which also consists of Swiss billionaire Hansjorg Wyss, will attempt to reach a deal with the concerned representatives to take over the club, failing which Raine would invite others to try and do the same. The group’s offer was reportedly more than 4 billion, out of which 1.5 billion were to be kept aside for the development of the club.
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