Chelsea: Steve Pagliuca confirms NBA chief Larry Tanenbaum as co-managing partner in Blues bid
Steve Pagliuca’s Chelsea bid has been boosted by the appointment of Canadian sports mogul Larry Tanenbaum to the consortium and a formal endorsement from the True Blues fans group, co-founded by John Terry.
Tanenbaum is chairman of the NBA, owner of a host of sports franchises including ice hockey and basketball teams in Toronto, and leads the city’s quest for host status in the 2026 World Cup finals.
True Blues are a group of wealthy Chelsea supporters — including legendary captain Terry — who have raised £250million to buy a stake in the club, up for sale since Roman Abramovich had his UK assets frozen after Russia’s invasion of Ukraine.
Steve Pagliuca (left) has confirmed NBA chairman Larry Tanenbaum (right) as co-managing partner in the Boston Celtics co-owner’s bid to buy Chelsea
Pagliuca has announced the other partners including Facebook co-founder Eduardo Saverin
Pagliuca, a private equity billionaire and co-owner of Boston Celtics basketball team, is fronting one of four groups still in the running.
‘Steve and I are committed to supporting a championship-winning team, building a state-of-the-art stadium at Stamford Bridge, investing in our academy and women’s teams and making a real difference in the community,’ said Tanenbaum. ‘We share the same goals for Chelsea.’
Thursday is the deadline for final bids to be submitted to Raine, the merchant bank handling the sale.
Roman Abramovich put Chelsea up for sale on March 2, amid Russia’s invasion of Ukraine
Roman Abramovich put Chelsea up for sale on March 2, amid Russia’s continued invasion of Ukraine.
The 55-year-old Russian-Israeli billionaire was then sanctioned by the UK Government on March 10, with Downing Street claiming to have proven his links to Vladimir Putin.
Chelsea have been granted a special Government licence to continue operating, though under strict terms.
Abramovich cannot profit from Chelsea’s sale, but had already vowed to write off the club’s £1.5billion debt.
LA Dodgers part-owner Todd Boehly and British business titan Jonathan Goldstein, Sir Martin Broughton and Lord Sebastian Coe, and the Chicago Cubs-owning Ricketts family are the other competitors to buy the Stamford Bridge outfit.
LA Dodgers part-owner Todd Boehly is also looking to buy the Stamford Bridge outfit
New York merchant bank the Raine Group will receive final offers from the four consortiums on Thursday, with a sale expected to be completed in May.
Pagliuca also welcomed endorsement from the True Blues Consortium, the group aiming to buy a 10 per cent stake from Chelsea’s eventual new owners to ensure fan representation in the club.
‘We are thrilled to have such an accomplished group of individuals who are committed to the long-term interests of Chelsea Football Club,’ Pagliuca said. ‘We appreciate this opportunity and would be honoured to create an exciting future for this great football club.’