South Korean companies team up with Candy to buy Chelsea

Soccer Football – Premier League – Chelsea v Newcastle United – Stamford Bridge, London, Britain – March 13, 2022 General view of the stand during the match REUTERS/David Klein

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  • The deadline for bids to buy Chelsea was set for 21:00 GMT on Friday.
  • Nick Candy teams up with Korean companies to bid
  • Chicago Cubs owners, the Ricketts family, table offer
  • Turkish businessman Muhsin Bayrak gets the procedure wrong

MANCHESTER, England, March 18 (Reuters) – South Korean firms Hana Financial Group and C&P Sports Limited have teamed up with British property developer Nick Candy to offer two billion pounds ($2.64 billion) to Chelsea, a news source said. Friday Candy in a statement.

He added that the consortium also includes “significant Silicon Valley investors and tech billionaires who have other stakes in sports teams in the United States.”

Premier League Chelsea was initially put up for sale by owner Roman Abramovich after Russia invaded Ukraine before sanctions were imposed on the oligarch by the British government, effectively giving him control of the club.

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Raine Group, an American bank, oversaw the sale process before the Russian billionaire was sanctioned, and set a deadline of 21:00 GMT on Friday for the submission of offers, which the Candy consortium respected.

“Football clubs are vitally important community and cultural assets, and this is a unique opportunity to give football back to the fans and put them at the heart of the operations and strategy of a global football club. foreground,” Candy said. told Reuters in a statement.

“I believe Chelsea have all the fundamentals to become the most valuable and respected sporting club in the world and a force for greater good in everything they do.”

C&P Sports CEO Catalina Kim previously confirmed to Reuters that they and Hana were considering an offer.

“We are in the process of arranging our bid for Chelsea FC,” a statement read. “Surprisingly enough, despite the size of the economy, there has never been any investment in (English) Premier League football clubs made by South Korean capital until now.

“Now it’s time for a change and we are ready to start a new chapter with Chelsea FC.”

The owners of the American baseball team the Chicago Cubs, the Ricketts family, have confirmed to Reuters that they have also submitted an offer for Chelsea, together with Citadel founder Ken Griffin.

Turkish businessman Muhsin Bayrak, who had previously expressed an interest in the club, said on Friday night that his company AB Group Holding had not submitted a bid to Raine Bank.

Bayrak blamed AB Group for missing the deadline due to a misunderstanding with its lawyers over the auction process. “I am very upset,” he told Reuters.

According to emails seen by Reuters, lawyers for the AB Group contacted the UK Department for Digital, Culture, Media and Sport using a generic email address to file an inquiry, rather than filing a bid with the American investment bank.

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Hana Financial Group is a South Korean investment bank and financial services company headquartered in Seoul, Korea. They are also the title sponsor of the Korea Football League and the national football team.

C&P Sports Limited is a leading sports consultancy based in London and Seoul.

C&P Sports has worked on commercial agreements with several major clubs over the past 10 years, such as Kumhos Tires with Tottenham Hotspur, Nexen Tire with Manchester City and Hyundai Motors with Atletico Madrid.

Candy, a lifelong Chelsea fan, has been joined by former Blues player and manager Gianluca Vialli as he prepares his candidacy.

“I have met Nick Candy several times over the past few weeks and I am fully behind his visions,” Italian Vialli said in a statement after it was announced the company he co-founded, Tifosy, will act in as the lead advisor for the process.

Many other companies and business people were planning to bid before the deadline expired.

World Athletics chairman Sebastian Coe has joined a consortium including former Liverpool chairman Martin Broughton.

Swiss billionaire Hansjoerg Wyss, who joined LA Dodgers co-owner Todd Boehly to express interest, was joined by British businessman Jonathan Goldstein and his conservative counterpart Daniel Finkelstein.

($1 = 0.7587 pounds)

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Reporting by Peter Hall; additional reporting by Ali Kucukgocmen, David Gauthier-Villars and Rohith Nair; Editing by Christian Radnedge and Ken Ferris

Our standards: The Thomson Reuters Trust Principles.

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