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Wednesday, April 24, 2024

Chelsea Confirm Todd Boehly’s £4.25bn Takeover Bid

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After a lengthy bidding process involving several groups, Chelsea have finally confirmed that terms have been agreed by Todd Boehly, to acquire the London club from Roman Abramovich owner in a deal worth £4.25 billion ($5.2 billion).

Todd Boehly, Los Angeles Dodgers co-owner and his fellow investors were picked by Raine Group, the New York bank overseeing Chelsea’s sale.

Read Also: Boehly Consortium Wins Race to Buy Chelsea Football Club

The American billionaire has finalised terms to buy Chelsea football club along with his partners Clearlake Capital, Mark Walter and Hansjorg Wyss. The deal has been revealed to be worth £4.25billion, a record amount for a sports franchise.

A statement from the Chelsea club reads: “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, £2.5billlion will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account 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.”

Chelsea’s Russian owner Roman Abramovich put the Premier League club on the market in March, just days before he was sanctioned by the British government following the invasion of Ukraine.

As part of the agreement, Boehly’s group have agreed to invest a set amount of £1.75bn to ensure the continued development of the club. It is understood a large chunk of this fund will go towards redeveloping Stamford Bridge, with all prospective owners submitting plans to increase the capacity at the ground.

The club also revealed that the sale is expected to be completed by May 31, with Boehly’s consortium will also require to pass the Premier League’s owners’ and director’s test before the sale can be ratified.

The news of Boehly’s group takeover officially brings an end to Abramovich’s 19-year tenure as owner of the club.

During his time, Chelsea won the Premier League on five occasions, Champions League winners twice and won the Club World Cup in January this year under Tuchel. That was the last time Abramovich was seen with the team as he joined the celebrations in the United Arab Emirates.

Boehly’s group of investors includes fellow Dodgers co-owner Mark Walter, Swiss billionaire Hansjoerg Wyss and US investment firm Clearlake Capital.

UK government approval will be required for the proceeds to be transferred from the frozen UK bank account.

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