Steve Pagliuca’s bid for Chelsea adds more sports executives

Apr 13, 2022, 6:05 AM | Updated: 6:29 am

The bid for Chelsea launched by Boston Celtics co-owner Steve Pagliuca has added Canadian sports tycoon Larry Tanenbaum ahead of Thursday’s expected deadline for improved offers for the Premier League club.

Tanenbaum, who was announced Wednesday as joining as co-managing partner of the bid, has ownership stakes in Toronto with the NBA’s Raptors, the NHL’s Maple Leafs and the city’s MLS team.

They face three rivals bidders for Chelsea, which was put up for sale by sanctioned Russian oligarch owner Roman Abramovich after the war on Ukraine was launched by President Vladimir Putin.

There are also bids from Chicago Cubs owner Tom Ricketts, a consortium featuring Los Angeles Dodgers part-owner Todd Boehly, and another group fronted by former Liverpool and British Airways chairman Martin Broughton involving Josh Harris, who owns the Philadelphia 76ers and has a stake in Premier League club Crystal Palace.

Boehly now faces a rival from within the Dodgers ownership group to buy Chelsea with Peter Guber announced as being being behind Pagliuca’s bid. Guber is also a part owner at the Golden State Warriors and Los Angeles Football Club of MLS.

Pagliuca has provided the most details about who is backing his interest in Chelsea, which could be sold for 3 billion pounds ($4 billion) given the interest that has emerged since Abramovich put the west London club up for sale six weeks ago.

Tanenbaum’s investments are through the Maple Leaf Sports and Entertainment group and he is also chairman of the board of governors of the NBA.

“The decision to partner with Steve was an easy one as we share similar values and passion for sports,” Tanenbaum said in a statement. “Once we started speaking, it was clear that we share the same long-term vision and goals for Chelsea.”

Former Disney CEO Bob Iger and wife Willow Bay, a journalist, are also behind Pagliuca’s bid along with Facebook co-founder Eduardo Saverin and his wife, Elaine, a businesswoman. A statement also said B Capital co-founder Raj Ganguly, venture capitalist Jim Breyer and entrepreneur Div Turakhia were involved in trying to buy Chelsea.

The True Blues Consortium, a fans’ group fronted by former Chelsea captain John Terry, also endorsed Pagliuca’s bid.

The government must sign off on the sale, which is being overseen by the New York-based Raine Group merchant bank, under terms that allow the team to continue operating since Abramovich was sanctioned. Abramovich cannot profit from the proceeds of the sale.

Chelsea’s Champions League title defense was ended by Real Madrid on Tuesday but Thomas Tuchel’s team is on course to qualify for the lucrative UEFA competition next season as it is third in the Premier League. Chelsea remains in contention for the FA Cup with a semifinal against Crystal Palace on Sunday.

___

More AP soccer: https://apnews.com/hub/soccer and https://twitter.com/AP_Sports

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Haitian migrant Gerson Solay, 28, carries his daughter, Bianca, as he and his family cross into Can...
Associated Press

US, Canada to end loophole that allows asylum-seekers to move between countries

President Joe Biden and Canadian Prime Minister Justin Trudeau on Friday announced a plan to close a loophole to an immigration agreement.
3 days ago
Expert skateboarder Di'Orr Greenwood, an artist born and raised in the Navajo Nation in Arizona and...
Associated Press

Indigenous skateboard art featured on new stamps unveiled at Phoenix skate park

The Postal Service unveiled the “Art of the Skateboard" stamps at a Phoenix skate park, featuring designs from Indigenous artists.
3 days ago
(Facebook Photo/City of San Luis, Arizona)...
Associated Press

San Luis authorities receive complaints about 911 calls going across border

Authorities in San Luis say they are receiving more complaints about 911 calls mistakenly going across the border.
9 days ago
(Pexels Photo)...
Associated Press

Daylight saving time begins in most of US this weekend

No time change is observed in Hawaii, most of Arizona, Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam and the Northern Marianas.
17 days ago
Mexican army soldiers prepare a search mission for four U.S. citizens kidnapped by gunmen in Matamo...
Associated Press

How the 4 abducted Americans in Mexico were located

The anonymous tip that led Mexican authorities to a remote shack where four abducted Americans were held described armed men and blindfolds.
17 days ago
Tom Brundy points to a newly built irrigation canal on one of the fields at his farm Tuesday, Feb. ...
Associated Press

Southwest farmers reluctant to idle farmland to save water

There is a growing sense that fallowing will have to be part of the solution to the increasingly desperate drought in the West.
24 days ago

Sponsored Articles

(Desert Institute for Spine Care in Arizona Photo)...
Desert Institute for Spine Care in Arizona

5 common causes for chronic neck pain

Neck pain can debilitate one’s daily routine, yet 80% of people experience it in their lives and 20%-50% deal with it annually.
(Photo by Michael Matthey/picture alliance via Getty Images)...
Cox Communications

Valley Boys & Girls Club uses esports to help kids make healthy choices

KTAR’s Community Spotlight focuses on the Boys & Girls Club of the Valley and the work to incorporate esports into children's lives.
(Desert Institute for Spine Care photo)...
DESERT INSTITUTE FOR SPINE CARE

Why DISC is world renowned for back and neck pain treatments

Fifty percent of Americans and 90% of people at least 50 years old have some level of degenerative disc disease.
Steve Pagliuca’s bid for Chelsea adds more sports executives