AC Milan owner Elliott backs Candy offer for Chelsea Football Club

The American hedge fund which owns AC Milan is among the minority backers of the property developer Nick Candy’s takeover bid for Chelsea Football Club.

Sky News has learnt that an affiliate of Elliott Management, the New York-based investor, has agreed to inject a multimillion pound sum into the London side as part of Mr Candy’s offer.

The disclosure comes as bidders for Chelsea anticipate being notified on Wednesday or Thursday whether they have been shortlisted to replace Roman Abramovich as the club’s owner.

A frenzy of bidding among major global investors, billionaires and sports-owners has raised the prospect of Mr Abramovich’s original £3bn asking price being met.

Elliott is one of the most prominent names in global finance, having earned a fearsome reputation as an activist investor which lobbies for change in the boards of some of the world’s biggest companies.

The fund has controlled AC Milan since 2018, although recent reports in Italy have suggested that it may seek to sell the club in the next couple of years, having seen it re-emerge as a powerhouse of European football.

It has also been financially involved at Lille, the Ligue 1 side, for some time.

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City sources said on Wednesday that Elliott’s stake in Chelsea would be below the threshold regarded by UEFA, the sport’s governing body in Europe, as problematic in relation to dual club ownership.

It would also hold no voting or governance rights, one of the sources said.

Under UEFA rules, if two clubs majority-owned by the same entity are drawn against each other in competitions, one would have to agree to forfeit the tie.

Insiders said that would not be an issue if Chelsea – under the ownership of Mr Candy’s consortium – was to be drawn against AC Milan, because Elliott’s stake in the Stamford Bridge club would be negligible.

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Sky News revealed earlier this week that Mr Candy had raised his bid in an attempt to force his way into the final shortlist.

His Blue Football Consortium confirmed that it had secured additional financial backing from a new South Korea-based investor to enable him to improve his offer for last season’s Champions League-winners.

Mr Candy had stated ahead of last Friday’s deadline that he had submitted an offer worth more than £2bn.

He declined to comment on Elliott’s involvement in his offer, while the hedge fund also refused to comment.

Mr Candy said earlier in the week: “This remains a once-in-a-lifetime opportunity to give football back to the fans and put them at the heart of the operations and strategy of Chelsea Football Club.

“We are committed to preserving the incredible legacy of the club and to promoting community involvement, and we can provide the financial stability to ensure the future growth of the club on the world stage.”

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