Chelsea Sale: Raine Group gives bidders new timeline

The Raine Group has given a new timeline of when they hope to notify bidders of their decision over the takeover of Chelsea, according to the Guardian.

No less than thirty bids were submitted to Raine ahead of the 9 pm (UK) deadline last Friday, and over the weekend, the American bank has been working its way through all offers and proposals.

Recall that Raine, a New York-based investment bank, has been overseeing the process since Roman Abramovich first announced his intention to sell Chelsea.

However, a fresh timeline has been given for the bidders to expect feedback on whether or not their bids have been successful to be on the shortlist of three or four.

The report added that the expectation is that the bank will have reduced the field to a shortlist of three groups by Wednesday morning at the latest.

There was hope and expectation a verdict could have been delivered as early as Monday, but the day passed without any communication.

Raine could also be in a position to take its preferred bidder to the British Government for approval by the end of the week should the process move smoothly in the next two days.

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