Chelsea FC bidders to submit final bids on Apr 11

[LONDON] Contenders for the takeover of Chelsea Football Club will submit their final bids on Apr 11, Sky News reported on Sunday (Mar 27), citing unidentified people familiar with the matter.

Raine Group, the New York-based merchant bank handling the Chelsea FC sale, has notified the 4 bidders to give their binding offers on or around that date, the report said. The news outlet reported on Saturday that bidders have been asked to pledge £1 billion (S$1.8 billion) in future investment, with contractual guarantees on additional funding for several areas of development including the team's Stamford Bridge stadium.

The London club was put up for sale this month as its current owner, Russian billionaire Roman Abramovich, was hit by sanctions linked to the war in Ukraine. BLOOMBERG