Chelsea fan and billionaire bidder Nick Candy pledges vital loan to help club see season
Hope of survival for Chelsea? Blues fan and billionaire bidder Nick Candy pledges a vital loan to help them see through this season – as he prepares to table a bid worth over £2billion with other interested parties
- Property developer Nick Candy has offered to loan Chelsea money to help
- He is one of half a dozen interested parties currently preparing offers for the club.
- Chelsea finances have taken a hit since Roman Abramovich was sanctioned
- Their ability to finish the season without going into administration is in doubt
Property developer Nick Candy has offered to loan Chelsea money to help them through their cash flow crisis.
The British billionaire is among half a dozen interested parties preparing bids of more than £2billion for the club, whose ability to finish the season without going into administration is in doubt following the sanction by Roman Abramovich last week.
Abramovich has regularly injected funds into the club to enable it to compete at the highest level, with his Chelsea loans totaling £1.5billion over his 19 years of ownership. But that is no longer allowed under the government license granted last week after the Russian was sanctioned.
With Chelsea having already received Premier League television money this season, and all of their sponsorship and ticket revenue and Premier League and Champions League merit payments not being due until summer, there are genuine concerns within the club about whether it will be able to continue operating. all season.
Additionally, Chelsea cannot receive money for match tickets which have not yet been sold, future gate receipts for FA Cup matches or money from merchandise sold through the club shop.
Chelsea’s biggest challenge will be funding their £28m monthly wage bill until the government license expires on May 31, with the next two pay dates falling on April 1 and May 1.
British tycoon Nick Candy has offered to loan Chelsea money to see out the rest of the season
In a statement released ahead of attending yesterday’s game against Newcastle, Candy made it clear that any short-term funding would be subject to government approval – and reiterated her desire to buy the club.
“We are delighted to hear that the sale of the club will take place quickly,” said a Candy spokesperson. “It’s a reassuring development for the fans after a week of great uncertainty. If the club needs money to operate in the short term, Mr Candy would be happy to help ensure they have the resources necessary financial resources, subject to government approval.
Candy has also pledged to push for a fan representative to join Chelsea’s board if her application is successful.
The club have invited selected supporters to attend board meetings since last July in response to criticism they received from supporters for their aborted European Super League sign-up, but offer an official board position to a supporter would represent a considerable change.
“Mr Candy cares deeply about the future of the club and believes the fans and community are central to its continued success,” his spokesperson added. “If successful, Mr Candy would advocate for a fan representative to join the board so that supporters are part of the decision-making process.”
Dan Silver of the Chelsea Supporters’ Trust said he wanted to have ‘someone on board who will veto any crazy moves’ made at the club after a fan group meeting yesterday.
“This is one of the most important moments in our history,” he added. “Mr Abramovich is gone, we have to focus on the future of the football club.” We need to focus on the best possible owners so that we don’t have a repeat in the future.
Candy (centre) was at Stamford Bridge to watch Chelsea beat Newcastle on Sunday
Chelsea’s finances have taken a huge hit since Roman Abramovich (above) was sanctioned
Sir Martin Broughton – the former Liverpool chairman who is negotiating with several backers to table his own offer – warned yesterday that going into administration was a real danger for Chelsea, and one who he believes will would erase £500million from the value of the club.
The 74-year-old former British Airways chairman, who joined Liverpool 12 years ago with a mandate to sell the club and brokered the deal that brought current owners Fenway Sports Group to Anfield, is in talks – with rival offers being prepared by Todd Boehly. , co-owner of the LA Dodgers baseball team, and Josh Harris, owner of the Philadelphia 76ers basketball team.
“Above all, the government must prevent the club from going into administration,” Broughton said.
“It would destroy at least £500m of value, which means £500m less for the victims of war.” Certainly, after all the brilliant efforts of the British public to raise some £200million in donations, no government wants this on its hands as an unintended consequence of its actions.