Cubs owners end interest in buying Chelsea soccer club

April 15, 2022

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The Chicago Cubs’ owners have dropped their interest to buy Chelsea. Three bids were left for the enforced sale by Roman Abramovich of the Premier League club.

The Cubs chairman Tom Ricketts led the bid, but Chelsea fans opposed it due to Islamophobic comments Joe made in his father’s emails three years back.

The consortium, which included American investors Ken Griffin, Dan Gilbert, and others, didn’t address the “issues”, which prevented them from pursuing the bid before Thursday’s deadline.

“The Ricketts-Griffin-Gilbert Group has decided, after careful consideration, not to submit a final bid for Chelsea FC,” the group saidin a statement. “As they finalized their proposal, it became clear that some issues couldn’t be addressed due to the unique dynamics surrounding the sale process. We are very proud of Chelsea and its fans and wish the new owners all the best.

The remaining three bids include North American investors in North American sports teams.

Steve Pagliuca, Boston Celtics coowner, has partnered up with Larry Tanenbaum. Tanenbaum owns ownership stakes in Toronto with both the NBA’s Raptors as well the NHL’s Maple Leafs. He also owns the city’s MLS franchise. Peter Guber is also a part-owner in the Los Angeles Dodgers.

Todd Boehly, another part-owner, is also leading a consortium.

The third known group is led by Martin Broughton (ex-chairman of Liverpool and British Airways), with plans to invest Josh Harris and David Blitzer. These two men own the Philadelphia 76ers, and also have stakes in Premier League team Crystal Palace.

Raine Group, a New York-based merchant banking institution, oversees the sale process announced by Abramovich after Russia invaded Ukraine last month. Britain and the European Union sanctioned him for his links with Russian President Vladimir Putin. He also had assets frozen including Chelsea.

Premier League disqualifies Abramovich from leading the European champions. He cannot also profit from the sale proceeds. The British government must approve a license that allows him to continue running the team.

Real Madrid defeated Chelsea on Tuesday to end Chelsea’s Champions League championship title defence. Thomas Tuchel’s team, however, is still on track to qualify for next season’s lucrative UEFA competition. It is third in Premier League. Chelsea will play Crystal Palace in the semifinals on Sunday to keep their place in the FA Cup.

SourceCBC Sports

April 15, 2022

0 430 2 minutes read