Nick Candy targets £2.5bn Chelsea bid after Wyss and Boehly submit offer

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The British property tycoon Nick Candy is working on a £2.5bn bid to buy Chelsea from Roman Abramovich, who has received an offer from a consortium fronted by Todd Boehly and Hansjörg Wyss.

Abramovich put Chelsea up for sale last week and interest in the club is growing. Candy, a Chelsea fan, wants to submit a bid and the 49-year-old is talking to American investors as he tries to build a consortium capable of rivalling Boehly’s and Wyss’s group.

Sources have said that Candy, whose proposal would include a plan to redevelop Stamford Bridge, will be unable to bid on his own. The success of any offer he puts to Abramovich will depend on who he can bring on board.

It has been reported that Abramovich, who has faced calls in parliament for him to be sanctioned since the invasion of Ukraine, is looking for as much as £4bn for Chelsea. It remains to be seen whether the Russian will accept a significantly lower fee.

A source noted that Abramovich’s desire for a quick sale could lower his leverage in negotiations. However the 55-year-old is understood to want prospective buyers to show that they have a viable plan and funds to ensure Chelsea remain successful. Abramovich does not want the legacy he has built at Chelsea since buying the club in 2003 to go to waste.

Candy, worth a reported 1.5bn, could boost his chances by committing to rebuild Stamford Bridge. Chelsea’s ground is smaller than their rivals’. There have been suggestions that the cost of a redevelopment could put off bidders.

Abramovich is considering how to proceed after receiving an opening proposal from the consortium fronted by Boehly and Wyss. The size of the offer remains unknown but it is unlikely to be significantly higher than £2bn. Wyss, an 86-year-old Swiss billionaire, has gone on the record to say that Abramovich’s asking price is too high.

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