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Chelsea FC Sale: Cleveland Cavaliers Owner Rock Entertainment Group (REG) Joins Ricketts and Griffin Bidding Team | Football news


The owners of the NBA team the Cleveland Cavaliers joined forces with one of the four remaining bidders for Chelsea as last season’s Champions League winners’ auction entered its final stages.

Sky News revealed that Rock Entertainment Group (REG), which owns a range of US sports teams, has agreed to join a consortium led by the Ricketts family that owns the Chicago Cubs and hedge fund mogul Ken Griffin..

Sources said on Saturday night that Rock Entertainment Group had agreed to invest a substantial – though undisclosed – sum in the bid.

The arrival of Dan Gilbert, one of the richest people in America with a fortune estimated by Forbes magazine at nearly $31 billion, as an auction participant, further increased the stake as a quartet of auctioneers vying to succeed Roman Abramovich as owner of Chelsea.

Like the Cleveland Cavaliers, REG owns the Cleveland Monsters ice hockey team and the NBA G-League’s Cleveland Charge team. Mr. Gilbert is also an investor in the rapidly growing e-sports sector, with a large stake in 100 Thieves, which has a significant presence in the e-sports sector in Europe.

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Sky Sports News chief reporter Kaveh Solhekol has revealed that the Ricketts family are among the potential bidders on Chelsea’s shortlist.

In total, Mr. Gilbert runs an empire of more than 100 affiliated companies across the US, employing more than 30,000 people.

He acquired majority ownership of the Cleveland Cavaliers in 2005, since the team has reached the NBA Finals five times, winning the championship in 2016.

Mr. Gilbert is said to have privately invested more than $400 million in Rocket Mortgage FieldHouse, the stadium that is home to the Cavaliers and Monsters. People close to him say he has also privately invested more than $25 million in the Cavaliers’ practice.

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WATCH FREE: Highlights from Brentford’s Premier League win over Chelsea.

Ricketts-led bid has faced challenges

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Brian Wolff from Chelsea Supporters Club Chicago and representative of Chelsea FC’s overseas fan forum explains why he is opposed to the Ricketts family’s decision to buy the club.

The Ricketts-led Chelsea bid has faced challenges over the past two weeks because of backlash over historic comments made by a family member unrelated to the offer.

After meeting with support groups last month, Cubs president Tom Ricketts said the bidding team had “listened to all of your feedback – including from the Chelsea Supporters Fund – and is grateful that the The door remains open for us to demonstrate our commitment to working with the fans to protect the club’s legacy.

“We must now redouble our efforts and clearly map out a vision for the management of the club with diversity and inclusion at its heart.”

Backers of their offer pointed to the family’s successful ownership of the Cubs, which won the World Series championship for the first time in a century and completed a $1 billion renovation. of his home, Wrigley Field – one of the most historic sports arenas in America.

A bid insider said the Cleveland Cavaliers’ focus on diversity, equity and inclusion programs could help alleviate any lingering concerns among Chelsea’s fan base about suitability. corporation as the owner of Chelsea.

Chelsea fans protest outside on the ground against potential sale of the club to the Ricketts family
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Chelsea fans protest outside on the ground against potential sale of the club to the Ricketts family

They also point to the philanthropic efforts of Mr. Gilbert and his wife Jennifer, who have pledged $500 million to community revitalization projects in Detroit.

A person close to them said they also signed The Giving Pledge in 2012, promising that at least half of their total wealth would be donated to charitable causes by the end of their lives.

On Friday, Sky News revealed that a bid led by Ricketts has strengthened its advisory team by adding Jefferies, the US investment bank, to its team.

Jefferies’ appointment, along with Lazard – another adviser to the Ricketts-Griffin bid – underscores how Wall Street banks are toying with a role in what could be a sports franchise sale. most profitable in history.

People close to the group confirm that this will be an all-equity bid, with no new debt included on Chelsea’s balance sheet.

The last bid will be due on April 11

Todd Boehly and Sir Martin Broughton - AP/PA Photo
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Todd Boehly and Sir Martin Broughton – AP/PA Photo

The final bids for Chelsea will come into effect on April 11, and the Cubs owner will face three reliable opponents as they compete to succeed Mr Abramovich at Stamford Bridge.

A spokesman for the Ricketts-Griffin bid declined to comment on REG’s involvement.

Sky News revealed this week that the fan-co-founded group by Former Chelsea captain John Terry has had “active” talks with two of the shortlisted bidders on the purchase of 10pc of shares.

People close to the bidders believe the price could exceed £2.5 billion as candidates prepare final bids.

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Former Sports Secretary Tracey Crouch says the sale of Chelsea could signal a turning point in fan involvement in club ownership and has called for more action on governance and regulation. .

Raine Group, the adviser handling the sale, is aiming to present a priority bid to the government next week, paving the way for the sale to take place before the end of the month.

Between them, the final bidders control or own shares in US teams including the Boston Celtics, Cubs, LA Dodgers, Philadelphia 76ers and Sacramento Kings.

In addition to the alliance led by Ricketts, Todd Boehly and Sir Martin Broughton, another candidate to buy Chelsea is Stephen Pagliuca, an American private equity billionaire who owns a large stake in Atalanta in Italy’s Serie A.

By the standard of normal takeover processes, the Chelsea auction has moved at breakneck speed, with executives at other major investment banks arguing that such a complex acquisition is common. will take at least six months.

Contractors sought clarity on legal implications

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Sky Sports News chief correspondent Kaveh Solhedkol revealed potential buyers on Chelsea’s shortlist will have access to all of their financial data, including player wages.

The British government’s sanction of Mr Abramovich added complexity to the transaction, as bidders sought clarity on the legal implications of buying the club.

Before his sanction, Mr Abramovich said he intended to write off a £1.5bn loan to the club and transfer the net proceeds from the sale to a new charity he would set up to bring benefit the victims of the war in Ukraine.

A quick sale is seen as essential if Chelsea are to avert the uncertainty that could lead to the disintegration of one of the top flight’s most valuable teams.

The current FIFA Club World Cup champions have been thrown into disarray by Russia’s war with Ukraine, with Mr Abramovich initially proposing to put the club in its foundational care and then Officially for sale.

Mr Abramovich initially valued the outfit at Stamford Bridge at £3bn, with the net proceeds going to a charity set up to benefit victims of the war in Ukraine. .

In addition to government approval in the form of a special license, new Chelsea owners will also require Premier League approval during the proper and proper ownership check.

Selling Chelsea: Ricketts family pledge to diversity amid fan outcry

Chelsea fans protest outside on the ground against potential sale of the club to the Ricketts family
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Chelsea fans protest against sale of club to Ricketts family

The Ricketts family pledged to put “diversity and inclusion” at the heart of Chelsea as fans protested against an attempt to buy the club outside Stamford Bridge on Saturday.

Between 50 and 100 Chelsea supporters gathered ahead of Saturday’s Premier League clash at home at Brentford to protest against the Ricketts family’s bid to buy Chelsea.

Chelsea Supporters’ Trust said earlier on Saturday its members “have neither support nor confidence in” potential new owners and that 77% of members polled do not support the family’s bid Ricketts family.

The family has pledged in previous statements to be diverse and inclusive and doubled down on that commitment in a statement Saturday.

Chelsea fans protest against Ricketts family's ownership bid
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Chelsea fans protest against Ricketts family’s ownership bid

It said: “Over the past two weeks, our bidding team has met with a number of fan groups to explain our vision for Chelsea Football Club. During those meetings, and by letter For all the teams, we’ve shared a series of specific commitments we’ll make, fans, if our bid is successful.

“We believe these are far-reaching and certainly include the absolute commitment on the part of the Ricketts Family and bidding team to put diversity and inclusion at the heart of the club.

“We look forward to more meetings – including with the Chelsea Supporters Association – in the coming days and to publicly reiterate our values ​​and commitments.”





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