A Chinese billionaire, a Romanian sports mogul, and an international coalition of investors remain in the intense bidding war for The South Paw, the courts announced.
The South Paw, which was put up for sale at the beginning of September, attracted a lot of interest around the world. A wealthy Russian family had the highest bid for The South Paw at 628 billion dollars. However, judges on Wednesday announced this bid was invalid because of the family’s recent bankruptcy.
Romanian sports mogul Boris Borisov was overjoyed to hear this, and told reporters that he is still ready to purchase the small newspaper.
British investor George McCartney was also happy to hear this news from the courts.
“This gives our team a tremendous chance to acquire a huge international news organization,” McCartney remarked. The oil mogul noted that an opportunity like this doesn’t come along every day. “We have to jump on it while we still can, and my fellow investors still have the money and the heart to do so.”
The South Paw was put up for sale just weeks after longtime Norwegian owner Sven Sundsvall moved the organization to a small barn in Estonia, where the staff writers continue to write articles. He claimed that the cost of operation was 90% lower in Estonia at the time. When he announced the sale of the organization, he admits that this information was given to him wrong, and business in Estonia is 90% more expensive.
Of the potential owners, both Borisov and McCartney plan on moving the organization out of Estonia and into the much cheaper Moldova. The Chinese billionaire, whose identity is still unknown, was not available for comment as to what he would do with the paper.
The South Paw is estimated to be worth 438 billion dollars, but analysts predict that the transaction may easily be settled at over 700 billion dollars. Sundsvall initially bought the organization for 79 cents and a coupon to Abo’s in Niwot.