Chelsea: Sale agreed to Boehly led consortium
Chelsea have released a statement saying that the sale of the club to a consortium led by American businessman Todd Boehly has been agreed.
Overall the deal is worth over $5.24 billion with just over $3 billion used to buy the club initially and then another $2.2 billion is committed to use on future projects at Stamford Bridge, the academy, women’s team and other areas of the club.
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Boehly is the part-owner of the LA Dodgers and is the head of a consortium (which also includes Clearlake Capital, Mark Walter and Hansjoerg Wyss) who have been the frontrunners since day one to buy the west London club.
If the deal is confirmed, as expected, then Chelsea will become the eighth current Premier League team to have full or partial American owners. Given that the UK government and Premier League still have to ratify and confirm the deal, it is not expected that Chelsea will be sold until late in May.
However, the Roman Abramovich era is almost over at Stamford Bridge as the UK government forced the Russian businessman to sell the club as part of extensive sanctions due to his close links with Russian president Vladimir Putin.
Statement on sale of Chelsea
So, Boehly’s group has won the exhaustive battle between dozens of consortiums and individuals to buy Chelsea which has rumbled on for months.
Below is the statement in full from Chelsea as they hope to have this deal wrapped up as soon as possible to get a new operating license from the UK government and get the future of the club sorted.
“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.
“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% to charitable causes as confirmed by Roman Abramovich. UK Government approval will be required for the proceeds to be transferred from the frozen UK bank account.
“In addition, the proposed new owners will commit £1.75bn in further investment for the benefit of the Club. This includes investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation. The sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time.”