AC Milan owners Elliott join Candy consortium in bid for Chelsea

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MANCHESTER: AC Milan owners Elliott Management have joined the Nick Candy-led Blue Football consortium as a “minor investor” in their bid to purchase Premier League membership Chelsea, sources near the deal advised Reuters.

Chelsea had been initially put up for sale by proprietor Roman Abramovich following Russia’s invasion of Ukraine earlier than sanctions had been imposed on the oligarch by the British authorities, successfully giving it management of the membership.

Bidders had been anticipating to listen to again from US financial institution Raine Group, who’re overseeing the sale in conjunction with Chelsea, as to whether or not they had made a narrowed shortlist earlier this week, however sources mentioned bid revisions have slowed the method.

British property developer Candy’s bid was elevated on Monday after being joined by “another large Korean financial institution”, they mentioned in an announcement, with sources including the consortium has grown additional on Thursday.

Elliott Management, an American hedgefund enterprise, have injected a “multi-million pound sum” into the bid, the sources advised Reuters.

Elliott turned Milan owners in 2018 and have since helped the Italian giants change into far more aggressive in Serie A. They prime the standings and are chasing their first league title in 11 years.

Representatives from Elliott didn’t instantly reply to Reuters’ requests for remark.

Candy had initially been joined in his consortium by South Korean firms Hana Financial Group and C&P Sports Limited earlier than the brand new buyers bought on board.

Others who’ve made their presents public embody Chicago Cubs owners the Ricketts household in addition to the pairing of former Liverpool chairman Martin Broughton and World Athletics President Sebastian Coe.

London-based international funding agency Centricus additionally mentioned they’d provided to purchase Chelsea, a transfer pushed by co-founder Nizar Al-Bassam and CEO Garth Ritchie, who’re mentioned to be season-ticket holders.

AC Milan owners Elliott join Candy consortium in bid for Chelsea

Source : channelnewsasia.com

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