13 April 2022

Steve Pagliuca confirms NBA chief Larry Tanenbaum among partners in Chelsea bid

13 April 2022

Steve Pagliuca has confirmed NBA chairman Larry Tanenbaum as co-managing partner in the Boston Celtics co-owner’s bid to buy Chelsea.

Celtics chief Pagliuca hailed Toronto Maple Leafs and Raptors owner Tanenbaum as a “world-class individual” as the duo prepare to submit their final bid for the London club.

Pagliuca has also announced the other partners in his consortium, including former Disney chief executive Bob Iger and Facebook co-founder Eduardo Saverin and businesswoman Elaine Saverin.

Golden State Warriors, LA Dodgers and Los Angeles FC co-owner Peter Guber, B Capital founder Raj Ganguly, venture capitalist Jim Breyer, investor John Burbank and tech entrepreneur Div Turakhia are also involved.

“Larry is a world-class individual who is highly regarded in the global sports community, and his experience in sports governance, his long-term perspective, and civil construction expertise are tremendous assets for our group,” Pagliuca said.

Canadian Tanenbaum’s vast experience in sports franchise administration offers a clear boost to Pagliuca’s bid for the Blues.

“The decision to partner with Steve was an easy one as we share similar values and passion for sports,” Tanenbaum said.

“Once we started speaking, it was clear that we share the same long-term vision and goals for Chelsea Football Club.

“I can reassure Chelsea supporters that both 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.

“I am excited by the potential future for Chelsea Football Club.”

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.

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.”

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