Chelsea – Chicago Cubs ownership, Ricketts family group withdraws bid due to ‘irregular’ sales process

The owners of the Chicago Cubs have terminated their interest in buying Chelsea after deciding not to submit a final offer by Thursday’s deadline.

A consortium led by the Ricketts family investment group is one of four contractors led by New York-based commercial bank Raine Group, along with a consortium led by Todd Boehly, a part owner of the company. The Los Angeles Lakers are headed by another consortium led by British businessman Sir. Martin Broughton and the third is headed by Boston Celtics co-owner Steve Pagliuca.

However, a statement released to ESPN on Friday confirmed the Ricketts team has decided not to proceed.

“The Ricketts-Griffin-Gilbert team has decided, after careful deliberation, not to make a final bid for Chelsea FC,” the group said in a statement.

“In the course of finalizing their proposal, it became increasingly clear that some issues could not be resolved due to unusual dynamics surrounding the sales process. We have great admiration for Chelsea and the fans, and We wish the new owners well.”

The Ricketts family has faced fan outcry over their bid after emails were sent back from the patriarch, Joe, in which he described Islam as a “cult” and claimed that “Muslims are my enemies.”

However, a source close to the bid has insisted the Ricketts team’s decision is not a consequence of fan outrage, as the family believe they have made real progress on the subject. that controversy after productive meetings with key stakeholders.

Instead, the source suggested that negotiations broke down on the terms of the final proposal.

The Raine Group is expected to identify a preferred contractor early next week. The Ministry of Culture, Media and Sports will then sign the final contract on the takeover, officially ending Roman Abramovich’s 19-year term. Chelsea – Chicago Cubs ownership, Ricketts family group withdraws bid due to ‘irregular’ sales process

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