Chelsea Confirm Club Sales To Todd Boehly-Led Group For $5.2 Billion
Chelsea FC announced that a syndicate led by Todd Boehly, co-owner of the Los Angeles Dodgers, has agreed to buy the London club for £4.25 billion ($5.2 billion).
“The sale is expected to complete in late May subject to all necessary regulatory approvals,” the football club said in a statement late Friday.
“More details will be provided at that time,” it added.
Roman Abramovich, the Russian owner of Chelsea, put the Premier League team up for sale in March, just days before the British government sanctioned him for the invasion of Ukraine.
Raine Group, the New York bank in charge of the Blues’ sale, chose Boehly and his fellow investors after a lengthy bidding process involving multiple parties.
Boehly’s investors include fellow Dodgers co-owner Mark Walter, Swiss billionaire Hansjoerg Wyss, and Clearlake Capital, a US investment firm.
“Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the Club,” the Chelsea statement said.
“Of the total investment being made, £2.5bn will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100 percent to charitable causes as confirmed by Roman Abramovich,” it said.
“UK government approval will be required for the proceeds to be transferred from the frozen UK bank account.”
Chelsea also stated that the new owners would invest an additional £1.75 billion in the club’s welfare.
Proceeds To Victims of Ukraine War
After Abramovich was sanctioned by Britain and the European Union for his ties to Russian President Vladimir Putin, Chelsea was compelled to operate under a special government license.
Abramovich will not profit from Chelsea’s sale, but he has already promised to pay off the club’s £1.5 billion debt and donate the revenues to victims of Ukraine’s war.
There have been concerns about the club’s survival if a transaction was not completed before the license expired on May 31.
Chelsea was unable to offer new contracts to existing players or sign players from other teams according to the terms of the license.
The sale of the European champions marks an end to Abramovich’s 19-year run of near-unbroken success, which includes five Premier League crowns and two Champions League successes.
Chelsea have struggled to recapture their best form recently, after being on a long winning streak following Abramovich’s decision to sell the club.
After nearly pulling off an incredible comeback from a 3-1 first-leg deficit, they were defeated in the Champions League quarter-finals by Real Madrid.
Chelsea’s spot in the top four of the Premier League is also in doubt.
AFP
