EPL's 'Chelsea' Acquisition Bid by Hana Financial... Partners with UK Real Estate Firm

Under UK Government Pressure, Russian Owner Puts Chelsea Up for Sale
Hana Financial Investment Joins Acquisition Bid
If Successful, Becomes First Korean Company to Own EPL Club

Roman Abramovich, the Chelsea owner considered a close associate of Russian President Vladimir Putin, has decided to sell Chelsea, which he has owned for 20 years. The photo shows Abramovich applauding Chelsea players after securing the EPL title against Sunderland on May 21, 2017.
[Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] As the UK government imposed various restrictions on Russia through sanctions, Hana Financial Group has entered the bidding to acquire the England Premier League (EPL) club 'Chelsea FC,' which has been put up for sale. They plan to cover a significant portion of the acquisition funds by forming a consortium with a UK real estate company.

According to major foreign media including the UK daily The Guardian, on the 18th (local time), UK real estate developer Nick Candy announced that he has formed the 'Blue Football Consortium' with Korea's Hana Financial Group and C&P Sports Group to participate in the Chelsea acquisition bid. The acquisition amount they proposed is 2 billion pounds (approximately 3.19 trillion KRW).

The Blue Football Consortium confirmed to foreign media that "Hana Financial Investment and C&P Sports are key partners in Candy's global investor consortium." A Hana Financial Investment official stated, "It is true that we are participating in the acquisition," adding, "As the bidding deadline approaches, it is difficult to disclose details due to competition." The Chelsea bid deadline is 9 PM on the 19th (local time).

Earlier, UK Sky News reported last week that Candy, a lifelong Chelsea fan, was planning to form a consortium to acquire the club. Candy also signed an advisory contract with Gianluca Vialli, a former Chelsea player and manager. Foreign media introduced Hana Financial Group as the main sponsor of the Korea Football League (K League) and the national team, noting that it is bearing a significant portion of the capital for this bid.

C&P Sports, which formed the consortium with Hana Financial Investment, is a sports consulting firm headquartered in London and Seoul. Over the past decade, it has facilitated sponsorship agreements between Tottenham Hotspur and Kumho Tire, Manchester City and Nexen Tire, Atl?tico Madrid and Hyundai Motor Company. Catalina Kim, CEO of C&P Sports, said in an interview with foreign media, "We are preparing the Chelsea acquisition bid with Hana Financial Group," adding, "Hana Financial Group will be the first Korean company to own a European professional football club."

Chelsea was put up for sale due to increased pressure from the UK government’s sanctions against Russia, which invaded Ukraine. Chelsea’s owner is Roman Abramovich, a Russian oligarch close to President Vladimir Putin. He acquired Chelsea in 2003 for 140 million pounds (approximately 230 billion KRW) and developed it into a world-class club. As the UK government pressured by halting various revenue-generating activities to prevent Chelsea’s profits from flowing to Russia, Abramovich recently relinquished ownership and put the club up for sale. He has been listed on sanction lists by the UK and the European Union (EU), and Hyundai Motor Company has also stopped sponsoring Chelsea FC.

Meanwhile, other bidders in the Chelsea acquisition include the family of Tom Ricketts, owner of the US Major League Baseball Chicago Cubs, the consortium led by Ken Griffin, founder of hedge fund Citadel, and the financial company Acel Partners consortium.