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Ratcliffe persists with his bid

Sir Jim Ratcliffe is persisting with his bid for Chelsea despite it coming in lower than the three bids made by US-based consortiums.  Ratcliffe is lobbying the Government arguing his is the only British bid and the Government may see some political advantages in wrapping itself in the Union Jack.

The merchant bank handling the sale, Raine Group, point out that Ratcliffe made the offer without due diligence and, as far as being British is concerned, he lives in the tax haven of Monaco.

One outstanding issue in completing any sale is the £1.54bn loan owned ro Roman Abramovich which will need to be dealt with to the satisfaction of Treasury officials.

Clearlake's involvement in the preferred Boehly bid means that 60 per cent of their deal is being funded by private equity.

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