FOOTBALL: Bidders for Chelsea who make “poor proposals” will be rejected

According to Football London, Raine Group will provide an initial update to the numerous bidders interested in purchasing Chelsea.

The poorest bids should be rejected, according to expectations.

Since Friday’s deadline, Raine, a New York-based investment bank that has been monitoring the process since Roman Abramovich initially revealed his intention to sell, has been reviewing the proposals.

They spent the weekend weeding out the shoddy bids.

It’s unknown when preferred bidders will be contacted, but due to the club’s financial constraints, progress is expected to be rapid.

A handful of consortiums have stated that they will be able to conclude a deal in time for Chelsea’s next home match on April 2 against Brentford.

Richard Masters, the Premier League’s chief executive, has previously stated that a takeover can be completed in as little as 10 days.

Raine will go to the government with a proposal to have the rules of the club’s special operating licence altered to allow a sale to occur after they’ve agreed on a preferred bid.

According to sources, up to 40 bids were submitted before the deadline on Friday, with up to ten going on the record to confirm proposals.

FOR UPDATE ALERTS

JOIN 360MEDIA WHATSAPP GROUP
JOIN 360MEDIA TELEGRAM CHANNEL
JOIN 360MEDIA FACEBOOK GROUP
FOLLOW 360MEDIA ON TWITTER