Nick Candy significantly increases bid to buy Chelsea after gaining further funding

Nick Candy increases bid to buy Chelsea to over £2.5bn after gaining further funding through a South Korean financial backer, with potential buyers set to be whittled down to a shortlist of three or four later this week

  • Property tycoon Nick Candy has significantly increased his bid for Chelsea
  • Candy submitted a bid of more than £2.5billion to The Raine Group last Friday
  • South Korean firms Hana Financial Group and C&P Sports Group are part of bid
  • Candy has now further strengthened his hand as he looks to buy the club
  • The 49-year-old is committed to his promise of involving fans in club’s future 

London property developer Nick Candy on Monday night increased his consortium’s offer for Chelsea to more than £2.5billion after receiving additional backing from an unnamed South Korean group.

Candy’s Blue Football Consortium are understood to have submitted proof of funds to the Raine Group, who are in the process of whittling down around 50 initial bids to a shortlist of three or four.

The potential buyers have been told to expect notification of the shortlisted bids later this week in what is developing into a competitive auction.

Following Raine’s initial shortlist, bids will be passed on to Chelsea to identify a preferred bidder, with chairman Bruce Buck and director Marina Granovskaia expected to lead that process given owner Roman Abramovich has been sanctioned.

After the preferred bidder has been identified, details of the winner will be passed to the Government, who have to sign off the deal.

British property tycoon Nick Candy has significantly increased his bid for Chelsea

Candy (centre) made an initial bid of more than £2.5billion but has now gained backing from another South Korean investor

Candy (centre) made an initial bid of more than £2.5billion but has now gained backing from another South Korean investor

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 invasion of Ukraine

If the Government reject it, the club will need to select another offer.

Chelsea could also turn down any of the offers and there have been suggestions that Abramovich may refuse to deal with buyers from a country who have sanctioned him, such as Britain and the United States. 

Abramovich can't profit from Chelsea's sale, but pledged to write off the club's £1.5bn debt

Abramovich can’t profit from Chelsea’s sale, but pledged to write off the club’s £1.5bn debt

LA Dodgers part-owner Todd Boehly is another significant contender to buy Chelsea

LA Dodgers part-owner Todd Boehly is another significant contender to buy Chelsea

Only after all these hurdles have been cleared will the winning bid be passed on to the Premier League, who must then decide if the buyers pass their owners’ and directors’ test. 

Many bidders have opted to go public, with London-based asset management firm Centricus the latest to declare their hand. Centricus have yet to disclose the source of their funding.

The investment firm have previously worked for Saudi Arabia’s sovereign wealth fund PIF, the owners of Newcastle.

The Ricketts family - Joe Ricketts pictured - are also interested in buying Chelsea

The Ricketts family – Joe Ricketts pictured – are also interested in buying Chelsea