Boston Celtics co-owner Stephen Pagliuca made a handful of promises regarding his investment and treatment of Chelsea FC, should his consortium be selected to purchase the team.
The Bain Capital co-chair made a pitch based on honoring tradition, pledging to renovate the club’s Stamford Bridge home rather than relocating, and to never change the club’s name, colors, or logo.
- He stated that Chelsea would not join a revived European Super League. Chelsea joined the first attempt at the breakaway league, a decision for which previous owner Roman Abramovich publicly apologized.
- He also promised investments in the team to make Chelsea “habitual winners and title contenders.”
- Pagliuca pledged to sell his controlling stake in Serie A club Atalanta, worth roughly $450 million.
Earlier this week, Pagliuca strengthened his bid by adding NBA chairman Larry Tanenbaum. Tanenbaum is also chairman of Maple Leaf Sports and Entertainment, which owns Toronto FC, the Maple Leafs, the Raptors, and the Argonauts.
Government Approval Not Guaranteed
The U.K. government denied reports that it had pre-approved the four shortlisted bids. The team is hoping to receive final bids by Thursday, with the club presenting its preferred bidder to government officials a week later.
Team officials hope to have the sale completed by May 31, the expiration date of the license provided by the U.K. government allowing Chelsea to continue operations after it seized the club from Abramovich.
All four bidders have said they will retain club director Marina Granovskaia.