Crystal Palace shareholder Josh Harris has been linked with proposing a bid to Roman Abramovich by the end of the week in order to buy Chelsea.
The American billionaire is said to be among the interested parties, although he would not be willing to meet Abramovich’s £3billion asking price - adopting a similar stance as property developer Nick Candy.
A bid in the region of £2.5bn can be expected but due to Harris’ involvement with the Eagles, there would be one or two complications should he wish to pursue a Chelsea takeover bid.
And the 57-year-old would have to sell his shares in the south London club, which would certainly slow down proceedings that Abramovich doesn’t have time to wait around for.
Here is all you need to know about the American billionaire as he emerges as one of the interested parties in taking over Chelsea Football Club.
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Josh Harris is an American billionaire who earned his fortunes from co-founding Apollo Global Management in 1990, which is one of the world’s largest alternative investment firms.
The New York founded company invests in credit, private equity and real assets and turns over annual revenue of nearly £3bn.
Harris has a stake of roughly 20 per cent in AGM, which is where he earns the majority of his money.
But he also has stakes in multiple sports teams, such as NBA's Philadelphia 76ers, NHL's New Jersey Devils, NFL's Pittsburgh Steelers, and, of course, Crystal Palace.
Harris has an 18 per cent stake in the south London club, just like his business partner David Blitzer, while the pair own the Philadelphia 76ers which has grown five times in worth since they took over.
According to Forbes ’ billionaire list, the 57-year-old has a net worth of $5.6 billion (£4.2bn), which makes him a worthy candidate to form part of a consortium to submit a takeover bid for Chelsea.
Harris has been linked with making a bid for the Blues, although it is understood that he would most likely have to give up his stake with the Eagles in order to be involved in any Chelsea takeover.
But that means he needs to find extra time in order to sell his assets, and therefore creates another string of events that needs sorting.
Abramovich is keen for a quick sale of the club, amid reports from the Mail that he could be sanctioned by the UK government next week.
That would appear to rule Harris out of the running, while other investors, including LA Dodgers owner Todd Boehly, are already making strides to try and buy the club.
But the Russian is willing to listen to formal bids following this week’s deadline, should they meet or at least come close to his £3m valuation of the west London club.
And with Harris already boasting invaluable experience of running a Premier League club, he could be a solid choice to spearhead the next takeover as Chelsea embark on a new era.
