Fahim readying Blues bid

Arab tycoon ready to test Abramovich's resolve

Last updated: 23rd January 2009   Subscribe to RSS Feed

Fahim readying Blues bid

Abramovich to sell up?

It's not entirely clear if Chelsea is for sale, but regardless of that, we first need to see if we are in a position to buy it.

Dr Sulaiman al-Fahim
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A German consortium headed by the Arab tycoon who helped broker Abu Dhabi United Group's takeover of Manchester City is mulling over a bid for Chelsea.

Reports have claimed that Blues' Russian billionaire owner Roman Abramovich might be willing to entertain offers for the club after being hit hard by the global slowdown.

Chief executive Peter Kenyon told a fans' forum last weekend the oil magnate had no intention of selling up, but Dr Sulaiman al-Fahim, working with a group of German investors, believes everything has its price - and may be ready to launch a takeover bid.

Fahim is understood to have drawn up a proposal with Falcon Equity - a Swiss-based private equity partnership.

Fahim, CEO of Abu Dhabi-based Hydra Properties, also chairs Falcon Equity, which is run by Holger Heims, former managing partner of 'DVC' Deutsche Venture Capital.

Adding up the numbers

"We have looked before at some European clubs to see if the numbers added up, and now we are doing the same with Chelsea," admitted Heims. "I can't go into more details at this stage.

"I don't believe anything is ever not for sale if you come up with the right price. It's not about trying to buy a football team but about a business.

"You don't make money because 11 guys run around the pitch, you make money because of all the other commercial aspects that go with a football club, particularly real estate and television rights."

Fahim added: "It's not entirely clear if Chelsea is for sale, but regardless of that, we first need to see if we are in a position to buy it.

"Given that Roman Abramovich has invested more than £500million into the club, it would not be cheap, and with the current credit crunch, nobody wants to be over-exposed on one deal.

"But through a number of investors, there is money available to put together a deal," he told Arabian Business.

Reaffirm his commitment

Chelsea's accounts are published next month and Kenyon hopes the figures reaffirm any lingering doubts over Abramovich's commitment to the club.

"We have had investment of £600million in the last five-and-a-half years with excellent facilities and football during that time," said the former Manchester United man.

"Next year we expect our operating profit to break even. Our financial accounts for 2007-08 are published in February and any notions about the owner losing interest are dispelled in that.

"The owner does not have to sell Chelsea and he doesn't want to."