As for interested parties it feels like a slow-burner. The list of those who have acquiesced to the confidentiality agreement that unlocks access to the club’s finances so far is chiefly American-based private equity groups. Indeed, thus far the contest, if that is what it becomes, might be summarised thus:
Sir Jim Ratcliffe and the petrochemical giant Ineos v various US consortiums. At a valuation of £5 billion, twice that of Chelsea, it is currently hard to see beyond an alliance of investors. Even Ratcliffe and Ineos might need partners in this enterprise.
The bid awaits its big player: a Middle East sovereign wealth fund that can remove itself from whatever clubs it may or may not already own and convince Uefa that there is no dual-ownership issue to answer. Raine believes that one will come to the table. Without them the picture will be very different.