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Chelsea Bidders Informed $623M Added to Offers

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September 25, 2023 | Podcast
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Roman Abramovich has reportedly made one more request for the final bidders of Chelsea FC: an extra $623 million.

The three remaining bidders, consortiums led by Todd Boehly, Sir Martin Broughton, and Steve Pagliuca, have been asked to add the amount to their current bids — expected to be around $3 billion — to contribute more to the team’s charitable causes.

  • Raine Group, the U.S. bank overseeing the sale, is confident that the winning bid will be chosen by Monday.
  • It’s expected to be the most expensive sale of any sports team in history.

In the last week, Raine Group also requested that bidders stay with the team for at least a decade. The group’s co-founder, Joe Ravitch, expects the iconic club to be worth more than $10 billion in five years. In April 2021, the team was valued at $3.2 billion.

Abramovich, who was sanctioned by the U.K. government for his ties to Russian president Vladimir Putin, has demanded the extra funds despite being unable to profit from the sale. He still has a say in which group wins the club’s ownership. 

Cash Flow

The Financial Times reported that the bidders in Broughton’s group are planning to finance their purchase with debt, something that the Russian oligarch has never had to do — Forbes estimates he’s worth $13.9 billion.

The team has plans to take out a $630 million term loan and $125 million in revolving credit through Bank of America, Wells Fargo, and JPMorgan Chase.

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