A new bid for Chelsea funded by London-based season ticket holders has emerged, one of six significant bidders. However, they have emphasised that their interest is commercial rather than sentimental and they aim to follow a Manchester City style globalisation strategy - once again confirming that globalisation in football is not dead.
Asset management firm Centricus has teamed up with hedge fund manager Jonathan Lourie of Cheyne Capital and Talis Capital's Bob Finch. He was formerly the majority shareholder of a Danish club.
Centricus has invested in technology companies, financial services and leisure companies. It has advised Fifa and Uefa over funding in the past and has access to significant funds. They target high absolute returns and mention sports as a sector that interests them: https://www.centricus.com/
Cheyne Capital are interested in long-term investment opportunities, particularly where they arise from market dislocations which is the case at Chelsea: https://www.cheynecapital.com/
Like Manchester City and the City Football Group, they envisage Chelsea as the parent company for clubs around the world, specifically mentioning a MLS club, a Portuguese second division club and clubs in Asia and Australia. They believe that this would generate more commercial revenue and enhance youth development.
They emphasise that a new stadium or stadium redevelopment would take half a decade at least and should be done in consultation with fans.
Nevertheless, the bid fronted by Sir Martin Broughton has found favour with government. Private polling indicates a favourable reception from fans.
Quite who is involved remains unclear. There is speculation that backers could include Crystal Palace shareholder Josh Harris who wants to move up market and Vivek Ranadive, owner of the Sacramento Kings basketball team.
However, it would seem that the wealthiest consortium is that led by LA Dodgers co-owner Todd Boehly. Apparently they have increased their original bid of close to £2.5 billion.
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