Chelsea sale: Ricketts-led consortium withdraws bid to buy club

The three parties involved in the consortium’s bid were unable to agree on the final structure of the deal

Nick Purewal
Friday 15 April 2022 13:17
Comments
<p>Tom Ricketts led his family’s bid but faced a backlash from Chelsea supporters, although the opposition was not the reason for the withdrawal  </p>

Tom Ricketts led his family’s bid but faced a backlash from Chelsea supporters, although the opposition was not the reason for the withdrawal

The Ricketts-led consortium has withdrawn its bid to buy Chelsea.

The Chicago Cubs owners and their partners opted not to submit a final bid for the Blues, with the consortium members understood to be unable to agree the final composition of their offer.

Cubs owners Tom and Laura Ricketts had partnered with US billionaires Ken Griffin and Dan Gilbert on a cash-only bid to buy the Blues.

Final bids were due to be submitted to New York merchant bank the Raine Group on Thursday, but the Ricketts-led group has now withdrawn its candidacy.

“The Ricketts-Griffin-Gilbert group has decided, after careful consideration, not to submit a final bid for Chelsea FC,” read a Ricketts family statement.

“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.”

The Ricketts’ bid for Chelsea had come under fire from Blues supporters, over family patriarch Joe Ricketts’ historic emails from 2009.

Supporters had staged a small demonstration at Stamford Bridge, with the Ricketts family working hard to prove an inclusive and diverse bid to buy the club.

Those objections have not played any part in the Ricketts withdrawing their bid for Chelsea however, the PA news agency understands.

Russian-Israeli billionaire Roman Abramovich put Chelsea up for sale on March 2, amid Russia’s continued invasion of Ukraine.

The 55-year-old was then sanctioned by the UK Government on March 10, with Downing Street claiming to have proven his links to Vladimir Putin.

Chelsea have been granted a special Government licence to continue operating, though under strict terms.

Abramovich cannot profit from Chelsea’s sale, but had already vowed to write off the club’s £1.5billion debt.

The Ricketts’ withdrawal leaves LA Dodgers part-owner Todd Boehly, Sir Martin Broughton and Boston Celtics co-owner Steve Pagliuca as the remaining Chelsea bidders.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in