Raine Make Shortlist Decision: Raine has decided who will be on the shortlist of preferred bidders for the acquisition of Chelsea.
After the Friday deadline passed and bidders awaited their fate, the American merchant bank began delivering the results to the individual bids regarding whether or not they were successful in progressing to the next stage of the takeover process.
Raine hopes to sell the club by the end of April, with a preferred bidder chosen by the second week of May to present to the government.
After that is completed and the preferred takeover bidder has been approved by the government, they must pass the Premier League Owners’ and Directors’ Test before a takeover can be finalized.
Raine Make Shortlist Decision
Follow along below for live updates as the bidders are notified of the shortlist decisions (refresh for updates):
19:33: Chelsea board
#Chelsea‘s board, which features Marina Granovskaia, Bruce Buck, Eugene Tenenbaum, and David Barnard, will ultimately decide who owns the club in the future. Raine Group is not said to be making the choice and is simply advising. [via @NizaarKinsella]
18:33: Shortlist confirmed
According to all sources, four parties have already made the final cut to move on to the next round of the process.
The following are the details:
- Todd Boehly’s consortium
- Sir Martin Broughton’s consortiumm
- The Ricketts family
- Mystery bidder
18:16: Ricketts make the shortlist
The Ricketts family has reached the shortlist, according to Matt Law, joining the Todd Boehly and Sir Martin Broughton consortiums, as well as a mystery bidder.
Update from James Robson: The reason for the delay is unknown, but the Ricketts family’s offer is good from a business standpoint.
Boston Celtics owner Stephen Pagliuca is the ‘mystery bidder’ who has been shortlisted to buy #Chelsea. [via @TheAthleticUK]
17:55: Raine’s commission from Chelsea deal revealed
The sale of Chelsea is set to earn Raine more than £30 million in commission, according to the Telegraph. Their commission on the deal is set at 1.5 percent.
17:49: Catalina Kim seeking a new consortium
After parting ways with Nick Candy following the failed offer, Catalina Kim has indicated she is trying to join another consortium.
In a statement, she added, as described by Matt Law: “We, the C&P Sports, Hana Financial, and other South Korean key investors, were invited to join another Consortium. We appreciate Mr. Nick Candy’s assistance and wish him the best of luck in the future.”
17:46: No deadline for bids
According to the BBC, there is no specific timeframe for the shortlist to be closed, but matching or coming close to the asking price for Chelsea is likely to be tough for certain parties interested.
