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Bidders shortlisted for Chelsea FC ownership

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The bidders vying for the ownership of Chelsea Football Club will be shortlisted within days

Global investment firm Centricus is the latest to fund another British bid to secure the popular Chelsea Football Club. A move driven by co-founder Nizar Al-Bassam and CEO Garth Ritchie, who are seasoned ticket-holders.

Centricus reportedly has £29 billion in assets and says it will “maintain and support the clubs existing management.”

Chelsea was put up for sale by owner Roman Abramovich following Russia’s invasion of Ukraine. Abramovich moved swiftly to sell the club when sanctions were being placed upon Russian oligarchs.

However, the U.K. Government is now in control of who the buyer will be and where the net proceeds will go, with Abramovich having no say in the sale.

United States bank Raine Group is overseeing the sale and plans to narrow down the shortlist of bidders to three.

The competition for the Chelsea is ripe, with billionaires, moguls and investors around the world expressing their interest with notable bids.

Many bidders have been made public including Saudi Media, as well as British property developer Nick Candy. However, many other bidders remain private as this time.

There has been no word on who is leading the bid, with Candy recently upping his bid on Monday.

Final sale

From here, Raine Group will shortlist the bidders down to three. The preferred buyers will be given to the Government, who will then issue a licence for sale.

Specific evidence will also be required to prove that Former owner Abramovich is not related to, or can benefit from, the sale.

The buyer will also have to pass the Premier League’s Director’s testing, which includes suitability and legal checks.

A final sale is expected before the end of March.

Holly is an anchor and reporter at Ticker. She's experienced in live reporting, and has previously covered the Covid-19 pandemic on-location. She's passionate about telling stories in business, climate and health.

Business

This move is set to boost Australia’s crypto gains

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Coinbase is coming down under, in a major boost for the country’s crypto gains

The crypto platform is calling the country “a priority market”.

It will add its local payments platform so Australians can transfer dollars into their Coinbase account.

There will also be advanced trading tools and better pricing.

Users will also receive 24 hour support, where they can ask all about their accounts and concerns.

The exchange is registered with a local regulator to provide its digital currency exchange services.

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TikTok’s parent company loses $7bn

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TikTok’s Parent company sees losses grow as it tries to outplay Facebook, Instagram and YouTube

TikTok’s parent company, ByteDance, has experienced a loss of more than $7 billion dollars in operating costs, tripling last year’s records.

The company attributes the huge loss to its massive investment in global growth. It detailed the results in a financial report which was provided to internal stakeholders.

In the first quarter of 2022, the company recorded a profit in its operating costs, with the company’s revenue expanding by more than 80% to $61.7 billion in 2021.

But expenses that are focused on expanding its products worldwide continue to swell at a rapid rate.

While TikTok is one of ByteDance’s most successful and well-known products, the company owns a wide range of digital platforms including: Douyin, Toutiao, Vigo Video, Helo, Lark and BytePlus. In total, it attracts hundreds of millions of users in China alone and 1 billion TikTok users worldwide.

The internal report was emailed to all ByteDance’s 130,000 employees. In a note of assurance, company execs “remain confident in the strength of our business and organisation.”

The ability for ByteDance to continue to invest in the company’s growth is clearly a strong advantage the company has over its competitors in the market.

A new report found Australians spent more time on TikTok in the last 12 months than on Facebook, a leader for many years in the space.

With other platforms such as Facebook, Instagram and YouTube scrambling to compete with TikTok, it seems ByteDance must have a long-term expansion strategy in mind.

The company is evidently trying to arrive at a place where such massive losses relating to operating will be a distant memory.

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How to score one of 500,000 free airline tickets up for grabs

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Virgin Atlantic has made the controversial decision to stop operating in Hong Kong

It says the war in Ukraine and restricted air space are the reasons behind the change.

Customers will be offered a refund if they wish.

The war in Ukraine has caused many airlines to pause routes because of safety concerns.

It comes as Hong Kong is set to give away 500,000 airline tickets as it looks to bring tourists back after the pandemic.

The major deal is part of the city’s push to bring life back to the city, which has been under strict COVID measures for much of the last two years.

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