Chelsea has confirmed that Todd Boehly’s consortium, co-owner of the Los Angeles Dodgers baseball team, has acquired the Stamford Bridge club from Russian tycoon Roman Abramovich for 4.25 billion pounds sterling -4.971 million euros.
Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjorg Wyss, to acquire the club.
Boehly, Clearlake Capital, Mark Walter and Hansjorg Wyss prevailed in the race to buy the English entity, in which there were other interested parties, and must now wait for the approval of the Premier League and the British government before the acquisition is approved, which could happen at the end of May.
“Of the total investment being made, £2.5bn will be applied to purchase the club’s shares, with said proceeds being deposited into a frozen UK bank account with the intention of donating 100% to charity. as confirmed by Roman Abramovich,” he explains.
“In addition, the proposed new owners will commit £1.75bn in additional investment for the benefit of the club. This includes investment in Stamford Bridge, the academy, the women’s team and Kingsmeadow and ongoing funding for the Chelsea Foundation.”
Eldridge Industries chief executive Boehly was in London on Friday night and is expected to attend the Premier League clash between Chelsea and Wolves at Stamford Bridge on Saturday. The Boehly consortium is understood to have agreed to clauses that block the payment of dividends or management fees until 2032, and also prohibit the sale of Chelsea shares for 10 years.
On March 2, Abramovich put the club up for sale amid Russia’s invasion of Ukraine. The businessman was sanctioned by the UK government on March 10, and Downing Street claimed to have shown his links to Russian President Vladimir Putin.
Almost 20 years at the helm
Abramovich, 55, has owned Chelsea since 2003, during which time the team won 21 trophies. This Thursday he insisted that he still wants to cancel the debt of 1,500 million pounds that Chelsea has with him when the sale of the club is completed; however, that loan cannot be canceled under the terms of the Abramovich sanctions and is expected to be frozen upon completion of the sale.
The club must be sold before the deadline of May 31, when Chelsea’s temporary government license expires. Chelsea’s current license prohibits the club from agreeing new contracts with current players or bringing in new signings.
The British government is expected to ensure that proceeds from the sale benefit war victims in Ukraine, and Abramovich hopes the independent directors will be able to run a new foundation.