Football: AC Milan's owner joins Candy consortium in bid for Chelsea

Chelsea were initially put up for sale by owner Roman Abramovich following Russia's invasion of Ukraine. PHOTO: REUTERS

MANCHESTER (REUTERS) - AC Milan owner Elliott Management has joined the Nick Candy-led Blue Football consortium as a "minor investor" in their bid to buy Premier League club Chelsea, sources close to the deal told Reuters.

Chelsea were initially put up for sale by owner Roman Abramovich following Russia's invasion of Ukraine before sanctions were imposed on the oligarch by the British government, effectively giving it control of the club.

Bidders were expecting to hear back from US bank Raine Group, which is overseeing the sale in conjunction with Chelsea, as to whether it has made a narrowed shortlist earlier this week, but sources said bid revisions have slowed the process.

British property developer Candy's bid was increased on Monday after being joined by "another large Korean financial institution", it said in a statement, with sources adding the consortium has grown further on Thursday (March 24).

Elliott Management, an American hedgefund business, has injected a "multi-million pound sum" into the bid, the sources told Reuters.

Elliott became owner of Milan in 2018 and has since helped the Italian giants become much more competitive in Serie A. They top the standings and are chasing their first league title in 11 years.

Representatives from Elliott did not immediately respond to Reuters' requests for comment.

Candy had initially been joined in its consortium by South Korean companies Hana Financial Group and C&P Sports Limited before the new investors got on board.

Others who have made their offers public include Chicago Cubs owners the Ricketts family as well as the pairing of former Liverpool chairman Martin Broughton and World Athletics President Sebastian Coe.

London-based global investment firm Centricus also said it had offered to buy Chelsea, a move driven by co-founder Nizar Al-Bassam and chief executive Garth Ritchie, who are said to be season-ticket holders.

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