Why owners of U.S. sports teams have the advantage in Chelsea’s global bidding war:
. According to its latest annual report, which covers the fiscal year ending in June 2021, Chelsea lost $190 million and said it had a paltry cash pile of $21 million.unable to sell merchandise, tickets, renegotiate contracts or acquire any new players in the meantime. Among its mounting expenses is the club’s monthly wage bill, a $36 million sum that funds the star-studded roster occupying Stamford Bridge.
A sovereign wealth group might be willing to pay a higher price than a buyer from the U.S., but that would be a gamble, according to Marc Ganis, president of the consulting firm Sportscorp, who notes that the political sensitivity of the situation is unparalleled, making it a tough environment for approval. The Ricketts family has owned the Cubs for more than a decade. Boehly has the blessing of both MLB and the NBA.
That doesn’t necessarily preclude a local owner from prevailing, most notably, U.K. property developer and multimillionaire Nick Candy. But the odds are long, even for the biggest club in London’s most prestigious postcode.
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