Sir Jim Ratcliffe's 'late bid to buy Chelsea is LOWER than the other three offers on the table, and has already been dismissed by the Raine Group' leaving the Todd Boehly-led consortium in pole position to take over from Roman Abramovich at Stamford Bridge
- Sir Jim Ratcliffe made a late bid to buy Chelsea football club on Friday
- His bid to buy the Premier League club is believed to be in the region of £4.25bn
- However, this is understood to be the lowest of the four bids that are on the table
- Ratcliffe's bid has reportedly already been dismissed by the Raine Group
- Instead, a consortium led by Todd Boehly appears to be the preferred bidder
It had appeared that it was going to be a three-way race between a Todd Boehly-led consortium, a group led by former British Airways chairman Sir Martin Broughton and a bid led by Boston Celtics co-owner Stephen Pagliuca.
However, Ratcliffe made a surprise move by tabling a £4.25billion offer, which came to light on Friday.
Sir Jim Ratcliffe put forward a late bid to buy Chelsea football club on Friday morning
This initially looked like a higher bid than his competitors, but this is not the case, as reported by The Times.
They have revealed that Ratcliffe met Roman Abramovich's asking price of £2.5bn, and pledged to invest a further £1.75bn to ensure that stadium renovations could go ahead, and the playing staff would continue to be strengthened.
The other three consortiums were all willing to pay closer to £3bn just for the club, though, without factoring in more financial support further down the line.
This has left Ratcliffe facing an uphill battle to purchase Chelsea, with The Times claiming a source has told them the club and the Raine Group - the merchant bank tasked with finding Abramovich's successor - have dismissed the late offer.
Ratcliffe's bid met Roman Abramovich's valuation of the Premier League club
However, it is still lower than the other offers on the table, and Todd Boehly's consortium appears to now be the preferred bidder
Instead, Boehly's consortium, which is supported by Swiss billionaire Hansjorg Wyss, has emerged as the preferred bidder.
It is understood that there are still some potential stumbling blocks in the way of a deal, though, with one major issue being whether the government will allow Abramovich to write off the £1.54bn loan that he is owed by the west London club.
The Russian oligarch has previously stated that he is willing to do this, but he has been prevented from going through with it after sanctions were imposed on him by the UK government and the EU in March.
Therefore, despite Chelsea being put up for sale on March 2, it could still be a while before the next owner is officially confirmed.
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