LONDON (AP) — The owner of disqualified Kentucky Derby winner Medina Spirit is among the bidders for Premier League club Chelsea as part of the accelerated search for a new owner, a person with knowledge of the process told The Associated Press on Tuesday.
Amr Zedan, a Los Angeles-born Saudi investor, has registered his bid with the Raine Group — the bank overseeing the sale of the reigning European and world champions, the person said. They spoke on condition of anonymity because they were not authorized to discuss the bid publicly.
Zedan is chairman of the Zedan Group, which is involved in the energy and petrochemical sectors in Saudi Arabia and features the Zedan Racing Stables. He is married to Princess Noor Bint Asem of Jordan.
Roman Abramovich has been forced to sell Chelsea after being sanctioned by the British government due to his close ties with Russian President Vladimir Putin and in the wake of Russia’s invasion of Ukraine.
Zedan joins a list of at least six publicly disclosed bidders for the west London club. The sale price could reach 3 billion pounds ($4 billion) and Zedan is working on securing further financing.
Zedan has not been linked to the doping scandal that saw Medina Spirit test positive after the Kentucky Derby last May for a steroid, betamethasone, that is legal in Kentucky but banned on race day. The positive test threw the world’s best-known horse race into turmoil and cast an unflattering spotlight on trainer Bob Baffert.
Zedan, who is also chairman of the Saudi Polo Federation, faces stiff competition to buy Chelsea.
The British government has to approve a license for the buyout which cannot see Abramovich receive any proceeds from the sale.
A consortium that bid features Todd Boehly, part owner of the Los Angeles Dodgers, Swiss billionaire Hansjorg Wyss, and Jonathan Goldstein, a London-based property investor who is CEO of Cain International. They are said to have raised a bid to exceed 2.5 billion pounds ($3.3 billion).
Michael Broughton, the former chairman of Liverpool and British Airways, is leading a consortium that includes track great Sebastian Coe, who is president of World Athletics, an IOC member and a Chelsea fan.
The Ricketts family, who own the Chicago Cubs, have linked with hedge fund manager Ken Griffin in a consortium. The family fortune was made by Joe Ricketts as chairman of electronic trading platform TD Ameritrade. His son, Tom Ricketts, serves as Cubs chairman.
British property tycoon Nick Candy on Monday revealed he “significantly” increased the amount offered, having already submitted a bid of more than 2 billion pounds ($2.6 billion).
Candy’s “The Blue Football Consortium” features proposed investment from South Korea companies including Hana Financial Group, C&P Sports Group and a third undisclosed entity.
The London-based global investment firm Centricus, which says it oversees $38 billion in assets, has also submitted a bid.
More AP soccer: https://apnews.com/hub/soccer and https://twitter.com/AP_Sports
7 Large-Cap Stocks to Help Navigate a Volatile Market
Large-cap stocks are foundational elements of every portfolio. These steady performers may not excite growth investors in the midst of a bull market. However, in periods of volatility, large-cap stocks act as a port in the storm.
Large-cap stocks offer investors some important benefits. First, by definition large-cap stocks are companies that have a market capitalization of $10 billion or more. This is an indication that the company has a mature business that carries less risk of having a significant downturn in business during economic downturns.
Second, large-cap stocks frequently pay dividends. These dividends offset the relatively slower growth in the company’s stock price and can lead to an impressive comprehensive total return. In several cases these companies have increased their dividends over a long period of time making them members of the Dividend Aristocrats or Dividend Kings club.
Large-cap stocks also give investors access to a significant amount of financial data. This makes it easy for investors to conduct their due diligence and understand how profitable an investment is likely to be.
In this special presentation, we’re giving you a look at seven large-cap stocks that have a bullish outlook at a time when the market is likely to remain volatile.
View the “7 Large-Cap Stocks to Help Navigate a Volatile Market”.