Further details of the conditions attached to the agreement were unclear, although a source said the limitations on debt would see the club able to borrow"several hundred million pounds" for working capital.The Glazer family's £790m takeover of Manchester United saddled the club with expensive debt known as payment-in-kind notes, and provided a focal point for fan protests, which escalated in the wake of Sir Alex Ferguson's retirement in 2013.
He also said he had not"increased the price of the club [at the] last minute", despite all three of the shortlisted bidders having been told of a demand for an additional £500m during meetings last week. Sky News revealed earlier this week that Clearlake would hold about 60% of Chelsea's shares under a restructured deal with Mr Boehly, the LA Dodgers part-owner, and his fellow investors, who include the Swiss billionaire Hansjorg Wyss.Recent days have seen intense speculation that the club's sale could be jeopardised by uncertainty over the fate of the £1.
As Sky News disclosed last week, that process is expected to involve one licence being issued to approve the deal with a second licence required to release the proceeds. If Mr Boehly cannot finalise a deal, Raine is expected to turn to one of the two other bidders: a consortium headed by Boston Celtics part-owner Steve Pagliuca and Larry Tanenbaum, the NBA chairman and Toronto Maple Leafs owner; and one led by Sir Martin Broughton, the former British Airways and Liverpool FC chairman, which would have involved Harris Blitzer Sports & Entertainment - owner of a stake in Premier League side Crystal Palace and a string of US sports teams - holding a...
The three final bidders all provided extensive plans for their management of the club and the redevelopment of Stamford Bridge, with numerous real estate advisors engaged to work on the project.
So a buyer can only be believing that the trend towards the 1% will continue for 10 years...scary.
You know your owners are bad, when they have a clause named after them!
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Good move. We cannot afford having owners who will be using the club for short term personal gains. The move will ensure that they invest on sustainability.
Why are they doing this to my Chelsea
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