Ken Griffin and Chicago Cubs owners join up to bid on Chelsea
Ricky Gray | March 16, 2022
A group spearheaded by Chicago Cubs owner Thomas Ricketts will submit a formal offer to purchase Chelsea
In an interesting development, the deadline to submit a bid for Chelsea was pushed back three days. The deadline is now, Friday, March 16, 2022, due to a sanction by the U.K government imposed on Blues owner Roman Abramovich.
Believed to have close ties with Russian President Vladamir Putin, Abramovich has now had his assets, including Chelsea, frozen. The only access to Chelsea's funds now is to pay staff and fulfill fixtures due to a special government license.
The government license would extend to granting the sale of the club if an application was made. Billionaire hedge fund titan Ken Griffin has now teamed up with the Ricketts family to declare their intention to apply.
In a statement, a spokesperson from the group said, "The Ricketts Family, owners of the Chicago Cubs, can confirm they will be leading an investment group that will make a formal bid for Chelsea Football Club this Friday."
They went on to say, "As long-time operators of an iconic professional sports team, the Ricketts Family and their partners understand the importance of investing for success on the pitch, while respecting the traditions of the club, the fans and the community."
The Cubs owners aren't the only Major League Baseball group looking to purchase Chelsea. Swiss billionaire Hansjorg Wyss and Todd Boehly of the Los Angeles Dodgers are also making a bid. There are individual bidders as well, such as Nick Candy, a British property developer.
Abramovich initially valued Chelsea at Â£3bn. However, the thought is that he's unlikely to receive that amount based on the current circumstances. The club is already suffering due to the sanctions. The store at Stamford Bridge is closed and tickets for upcoming matches can't be sold until further notice.
The Saudi Media Group has already made their bid of Â£2.7bn. By Friday, we should learn the formal offers of the others involved.