US billionaires lead race for Chelsea FC

US billionaires are behind the leading bids in the £3bn race to purchase Chelsea Football Club. The club is rushing to replace its Russian oligarch owner Roman Abramovich, who has been hit with sanctions. The preferred bids are from an investor group led by Todd Boehly, the financier and owner of baseball’s Los Angeles Dodgers, and another led by Josh Harris and David Blitzer, the private equity billionaires who own sports teams including basketball’s Philadelphia 76ers. Whether the bidders have the appetite and the funds to redevelop the stadium is a core criterion for the club. On Thursday, other bidders including Saudi Media Group were informed that they had been eliminated from the process, they said. Bids from British property developer Nick Candy, who was working on a behalf of an investor consortium, and London-based investment manager Centricus are also not expected to progress. Bids are being assessed based on a complicated set of criteria, including how much of the offer will be delivered to charity and how much funding will be available to invest in Chelsea and its stadium, those with knowledge of the matter said. The record of bidders in managing high-profile assets is also being assessed. The FT (£)