In a statement issued on Wednesday, Pagliuca said that Tanenbaum, who is owner of the Canadian company Maple Leaf Sports and Entertainment (MLSE), had become "co-managing partner" of the bid for Chelsea.
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MLSE owns the Toronto Maple Leafs, the Toronto Raptors and Toronto FC.
"Larry is a world-class individual who is highly regarded in the global sports community, and his experience in sports governance, his long-term perspective, and civil construction expertise are tremendous assets for our group," Pagliuca said.
Pagliuca also said that the "True Blues Consortium," which includes fans and former players, including Terry, were also behind his bid.
"The group welcomes the endorsement and support of the True Blues Consortium, an organisation dedicated to Chelsea FC and focused on representing fan interests for the club," said the statement.
Pagliuca spoke publicly for the first time about his bid for Chelsea on Monday, when he vowed to make the club "habitual winners."
"This process has been a disconcerting time for the football club and fans," he said. "Throughout my life and career, my ethos has always been to operate quietly, with integrity, and let my actions and results speak loudly.
"However, it is imperative to clarify and assure supporters about our bid group and its commitments, to emphasise how seriously we take our potential responsibility to Chelsea.
"Later this week we will submit a substantial and credible bid proposal -- one that we expect will meet the respective requirements and regulations of the Premier League, UK Government and UEFA -- and we pledge to honour our commitment to credibility and good guardianship of Chelsea Football Club from day one."