Chelsea takeover: Larry Tanenbaum joins Stephen Pagliuca as John Terry’s True Blues Consortium back bid
Stephen Pagliuca has revealed the key players behind his bid to buy Chelsea, also confirming the support of the John Terry-led True Blues Consortium.
Pagliuca - co-owner of the NBA’s Boston Celtics and Serie A side Atalanta - is one of four final bidders shortlisted by American merchant bank Raine Group that are competing to buy out Roman Abramovich, along with the Ricketts family and consortiums led by Sir Martin Broughton and Todd Boehly.
On Tuesday, the billionaire private equity investor finally broke his silence on his quest to purchase Chelsea, saying he will make a “significant and credible” offer for the European champions ahead of Thursday’s deadline that will “meet the respective regulations of the Premier League, UK Government and UEFA” - suggesting that he is willing to divest his interest in Atalanta.
Pagliuca also outlined his grand vision for the club that includes developing Stamford Bridge into a “world-class stadium”, financially backing the first team to ensure they remain in contention for the biggest trophies and pledging never to damage the Blues’ heritage.
The 67-year-old co-chairman of Bain Capital - whose interest in Chelsea had largely been kept a secret until the final shortlist of bidders was confirmed - also pledged to run an inclusive club if he is successful in his bid to take over from Abramovich, while guaranteeing that Chelsea would also not be involved in any attempted resurrection of a European Super League.
Further details of Pagliuca’s bid were revealed on Wednesday, with billionaire Canadian businessman and Kilmer Group founder Larry Tanenbaum now joining as co-managing partner.
Tanenbaum, 77, is the chairman of Maple Leafs Sports and Entertainment (MLSE), who own several sports franchises such as the Toronto Raptors, Toronto Maple Leafs, Toronto FC and the Toronto Argonauts. He is also the chairman of the NBA Board of Governors and a board and executive committee member of both MLS and the NHL as well as co-chair of Toronto’s bid to host the 2026 World Cup.
“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.
Tanenbaum added: “The decision to partner with Steve was an easy one as we share similar values and passion for sports. 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.”
Pagliuca further revealed that former Disney CEO Bob Iger is also part of his bid for Chelsea, along with Facebook co-founder Eduardo Saverin and wife Elaine.
Other investors include B Capital co-founder Raj Ganguly, journalist Willow Bay, global venture capitalist Jim Breyer, investor John Burbank, tech entrepreneur Div Turakhia and Peter Guber, who is the co-owner of the Golden State Warriors, Los Angeles Dodgers and Los Angeles FC.
Pagliuca’s bid also has the backing of the True Blues Consortium, a fan-led group co-founded by former Chelsea captain John Terry that wanted to buy a 10 per cent stake 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,” added Pagliuca. “We appreciate this opportunity and would be honored to create an exciting future for this great football club.”
