Business Maverick: Jim Ratcliffe’s Late Chelsea FC Offer ‘Rejected Out of Hand’

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British billionaire Jim Ratcliffe has seen his 4.25 billion-pound ($5.3 billion) bid for Chelsea Football Club dismissed by Raine Group, the U.S. bank running the sale.

“We will continue to engage with the fanbase,” said Crotty. “We see ourselves as a fan-based bid.”

Ratcliffe announced his offer at the end of a months-long process during which Raine had been studying separate proposals from Boehly, British businessman Martin Broughton and Bain Capital co-chairman Stephen Pagliuca. A representative for Raine declined to comment. Crotty said Ineos had already studied a takeover of Chelsea in recent years, only to be put off by the potential price. This contributed to its late entry to the fray this time around, he said.in early March, shortly before the U.K. placed him under far-reaching sanctions for his ties to President Vladimir Putin’s regime.

Bidders for Chelsea have spent time in recent weeks in the U.K. capital making their pitches to politicians, fans and even ex-players to boost their chances of success. Boehly has received backing from Paul Canoville, Chelsea’s first Black player, who tweeted his support after meeting the U.S. entrepreneur.Related Articles

 

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