The Chelsea sale process is expected to be completed later than initially expected as the four remaining consortia have now been given more time to submit their final bids, according to Sky News.
The report claims that Raine Group, the New York-based investment bank in charge of the sale, has notified the shortlisted bidders that they must submit their final bids by the latter half of next week.
It likely prolongs the process by a few days, but as it stands, it remains unclear whether the sale can be completed by the end of this month as first hoped.
It could reportedly take weeks for the Premier League to assess those involved in the race to buy the club which may lead to the process’ being extended.
One of the bidders told Sky News that, while they “welcome” the decision, they now expect the eventual winning group may have to wait until May to complete the deal.
Raine Group and the Chelsea board wanted to give the prospective buyers more time to prepare their final proposals, which is interesting given the longer the situation drags on, the worse it will only be for the club.
Bear in mind, Chelsea still have to cover a reported £28million monthly wage bill while operating under a restrictive special licence from the UK government.
Chelsea board members recently held meetings with the four consortia, as the report suggested, so this might have played a role in the decision to extend the deadline for the second stage.
Some of the shortlisted bidders have also been in contact with supporter groups, such as Chelsea Supporters’ Trust (CST).
Interestingly, CST confirmed that the group reportedly led by Atalanta co-owner Stephen Pagliuca is the only one who is yet to contact them.
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