Chelsea were probably overpriced. People presume that high finance and buying companies is somehow a sophisticated process. But is just as prone to the same psychology as someone buying a car. When HP bought Autonomy, another ENIC company, they overpaid many billions. They tried to go to court to undo it, but lost. They simply overpaid. The publicity and the nature of the Chelsea sale alerted the world. It was one of those that grabs attention and is publicised through the news. Seen as a "fire sale" there was little doubt at the time, it wasn't a really great deal at all. The sales of United and Pool are trying to ride off the back of chelsea's valuation. If Chelsea were valued now, independently, even adding a billion on for their prestige and attraction to middle-eastern money, I don't think they would get close to what was paid.
