Elliott in talks to acquire Chelsea from Abramovich: details

Elliott Management are collaborating with billionaire Nick Candy to acquire Chelsea football club from Roman Abramovich.

Since 2018, Elliott Management Corporation is the owner of AC Milan club. The American fund acquired the Italian giants after previous president Yonghong Li defaulted on his debt. Elliott’s first undertaking in the world of football proved successful with AC Milan returning to high levels and eventually balancing their problematic budget.

Now the Americans are looking to invested again in football. Calcio & Finanza reports that Elliott Management are interested in acquiring Chelsea from Roman Abramovich. The Premier League club is up for sale after the English government sanctioned Russian oligarch Roman Abramovich.

According to the British press, the head of Elliott Management, Paul Singer is taking care of this operation in collaboration tycoon Nick Candy. The English billionaire, who has made a fortune in the real estate sector, is a fan of Chelsea and is leading efforts to acquire the London-based club.

“This remains a once-in-a-lifetime opportunity to give football back to fans and place them at the center of Chelsea’s operations and strategy. We are committed to preserving the club’s incredible legacy and promoting community involvement, and we can provide financial stability to ensure the club’s future growth on the world stage.“, said Candy his intentions to buy Chelsea.

Roman Abramovich has reportedly asked a staggering figure of 3 billion pounds in order to sell Chelsea. The consortium led by Nick Candy has Elliott as a minority partner thus any potential conflicted with UEFA (for owning two clubs) is already avoided.

Elliott’s participation in the potential acquisition of Chelsea is very similar to what happened with AC Milan in 2017 when they financed Yonghong Li’s venture. Now, Elliott Management owns 99.93% of AC Milan shares.

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