"Russian Tycoon’s EPL Chelsea Acquisition, US Billionaires Face Off"

[Image source=EPA Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] American billionaires are set to compete in a two-way battle to acquire the English Premier League (EPL) club Chelsea, which was put up for sale by Russia's representative oligarch Roman Abramovich.

According to major foreign media on the 24th (local time), among the several bidders who entered the Chelsea acquisition race, an investor group led by Todd Boehly, owner of the LA Dodgers, and an investor group led by Josh Harris and David Blitzer, famous private equity investors who also own the NBA's Philadelphia 76ers, have been notified that they are the final candidates.

The bidding also included the Saudi media group and the wealthy Ricketts family, owners of the MLB Chicago Cubs, but their chances of acquisition reportedly diminished due to funding issues and racial discrimination controversies, respectively.

The Chelsea sale process is being conducted by the US investment advisory firm Raine Group. The scale is around ?3 billion (approximately 4.8 trillion KRW), and in this bidding, multiple complex factors such as the level of donations and how much investment can be made in the Chelsea club and stadium will be reviewed to decide the bidder, according to foreign media citing sources.

Abramovich, who acquired Chelsea in 2003, decided to sell the club earlier this month after facing sanctions pressure from the UK government and the Premier League following Russia's invasion of Ukraine last month. He put Chelsea up for sale on the 2nd, before the UK government imposed asset freezing measures. Even if a buyer is confirmed, special approval from the UK government is required for the actual sale.