Bidders promise sweet takeover

LONDON • Nick Candy has vowed to involve Chelsea fans if the British property tycoon succeeds in his bid to buy the troubled English Premier League club.

He is believed to have submitted a bid of over £2 billion (S$3.6 billion) for his boyhood team - valued at £2.4 billion by Forbes - before the deadline on Friday and he promised to give fans a "golden share" ownership stake.

On a frantic day at Stamford Bridge, the Ricketts family, owners of Major League Baseball team the Chicago Cubs, also made a bid.

Former Liverpool chairman Martin Broughton and World Athletics president Sebastian Coe followed suit with a joint bid, as three bids were revealed so far to have officially met the deadline.

There are reported to be several other firm bids on the table, but Candy is a front runner.

The Briton issued a lengthy statement in confirming the submission of his bid, vowing to write off the loan to Chelsea Pitch Owners to safeguard the Blues' future at Stamford Bridge. The 49-year-old has promised a total renovation of the stadium, where his property expertise could come to the fore.

He has teamed up with South Korean firms Hana Financial Group and C&P Sports Group in his Blue Football Consortium.

"Chelsea is one of the most iconic and successful professional football clubs in the world, with a rich heritage, global following, and a highly valuable brand," said Candy, joined by former Blues player and manager Gianluca Vialli as a lead adviser for the process.

"Football clubs are vitally important community and cultural assets, and this is a once-in-a-lifetime opportunity to give football back to the fans and put them at the heart of the operations and strategy of a leading global football club.

"I believe Chelsea has all of the fundamentals to become the most valuable and respected sports club in the world and a force for the greater good in everything it does."

Hana Financial Group is an investment bank and financial services company headquartered in Seoul. It is also the title sponsor of the Korean Football League and the national football team.

C&P Sports is a leading sports consultancy company based in London and Seoul.

It has worked on commercial deals with several big clubs in the last 10 years, such as Kumho Tyres with Tottenham, Nexen Tyre with Manchester City and Hyundai Motor with Atletico Madrid.

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.

The Russian billionaire has always denied the alleged links with Russia President Vladimir Putin but his UK assets have been frozen.

The Blues have been allowed to continue operations under a special licence, but Abramovich cannot profit from the sale.

Raine Group, a US bank, has been overseeing the sale process.

The Ricketts family confirmed to Reuters that they had made a bid, in conjunction with Citadel founder Ken Griffin.

Former British Airways chairman Broughton teamed up with Coe to become the third party to make an offer late on Friday.

"I am assembling a team that will ensure the future success and financial stability of a club I've supported for over 60 years," said the 74-year-old.

He said his consortium was open to Chelsea fans buying shares in the club - something he hoped would appeal to the British government as it weighs up the different bids. "We think the winning bid needs to be fan-friendly," he said.

Further bidders are expected to be confirmed in the coming days, with a source close to the dealings telling Reuters that Swiss billionaire Hansjorg Wyss, who has linked up with LA Dodgers co-owner Todd Boehly, British businessman Jonathan Goldstein and Conservative peer Daniel Finkelstein, has also submitted an offer.

AGENCE FRANCE-PRESSE, REUTERS