Abramovich invested nearly $2 billion of his personal funds during his 19-year tenure as owner, during which he covered losses of about $1 million every week as he recruited a few of the most effective players on this planet. The strategy was expensive but successful: Chelsea enjoyed probably the most successful period in its history, becoming a serial contender for domestic and international honors and winning five Premier League and two European Cups.
If Boehly’s deal to purchase the team goes through with the required approvals from the federal government and the Premier League, which also has to offer its blessing to the sale, his group could have to determine a strategy to maintain that successes while paring losses related to the on-field success and in addition committing a whole lot of thousands and thousands of dollars to renovating Chelsea’s aging Stamford Bridge stadium, which with a capability of just over 40,000 is much smaller than the arenas that play host to the Premier League’s biggest teams.
The sale, consistent with the best way it began, has been a curious process, marshaled by Joe Ravitch, a Russian-speaking banker and co-founder of Latest York-based Raine. The announcement that Chelsea was available on the market attracted interest from across the globe, drawing in a mixture of significant candidates with track records of success to fringe figures who appeared to make use of public interest in buying Chelsea as a way to lift their profiles within the news media.
Ravitch had said little publicly, though made a startling — and as yet unsubstantiated claim — that Chelsea and other Premier League teams may very well be value greater than $10 billion in five years.
The method, while speedy for a takeover the scale of Chelsea’s, also drew derision from some quarters as deadlines for final offers were repeatedly prolonged to extract the very best price at the same time as the vendor, Abramovich, couldn’t expect to receives a commission. The highly public nature of the sale also meant scrutiny of the kind that led to some embarrassment for potential buyers.
A joint offer involving the Ricketts family, owners of the Chicago Cubs, and the hedge fund billionaire Ken Griffin, struggled to beat claims of racism after anti-Muslim emails sent by the family patriarch, Joe Ricketts, in 2019 resurfaced. Efforts to distance the bid from Ricketts and statements underscoring the family’s opposition to racism did not persuade some Chelsea supporters, and the Ricketts pulled out of the method last month, leaving three final bidders.