BREAKING: Todd Boehly’s wins race to buy Chelsea as Raine group makes final decision
According to latest reports reaching us, The Todd Boehly consortium has been finally named as the preferred bidder to buy Chelsea, it has been confirmed.
However, Stephen Pagliuca’s group were the first to be informed that they had been removed from the process and their bid had been rejected.
Sir Martin Broughton’s team were also informed they had not been successful amid Sir Jim Ratcliffe’s 11th-hour £4.25 billion bid for Chelsea on Friday morning.
The Wall Street Journal reported that the Boehly team had entered exclusive talks to acquire the club which suggested they had won the three-horse race.
And it has now been confirmed after they were informed of the news by the Raine Group, the US merchant bank overseeing the sale of the club, that they had been successful.
After the club was put up for sale on March 2 by Roman Abramovich, the Boehly consortium is now one step closer to being the new owners of Chelsea.
They have been given several days, as reported by Sky, to enter an exclusivity period which will give them the chance to make further strides to completing their bid to take the keys at Stamford Bridge.
Now they will be taken to the Government for approval ahead of the licence, which is currently due to expire on May 31, being changed to allow the football club to be sold.
Once the Government has given it the green light, they will then undergo the Premier League Owners’ and Directors’ Test before the sale is formally completed.