The Ricketts family, owners of the Chicago Cubs, will be joining together with hedge fund billionaire Ken Griffin to make a joint bid on the Premiere League club Chelsea FC after it was put up for sale during Russia's invasion of Ukraine.
The family formally announced the joint venture Wednesday, saying in a statement "as long-time operators of an iconic professional sports team, the Ricketts family and their partners understand the importance of investing for success on the pitch, while respecting the traditions of the club, the fans and the community," according to CNBC.
Chelsea owner and Russian oligarch Roman Abramovich announced earlier this month Chelsea had been placed up for sale amid Russia's invasion of Ukraine, according to NBC Sports Chicago.
The UK government and European Union sanctioned Abramovich last week.
The EU's official journal said that Abramovich “has had privileged access to the (Russian) president, and has maintained very good relations with him. This connection with the Russian leader helped him to maintain his considerable wealth.”
Abramovich reportedly wants $3.3 billion for the club.
The Cubs' owners have expressed interest in acquiring a soccer club in recent years. They reportedly looked into purchasing Italian club AC Milan in 2018.
Chicago Baseball
According to Forbes, the Cubs' team valuation is $3.36 billion, and Chelsea's is $3.2 billion.
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