After former owner Roman Abramovich was sanctioned by the government, Chelsea FC announced that arrangements had been negotiated with a new ownership group to purchase the Premier League giants.
An official announcement on the club’s official website stated that the club will be purchased by a “new ownership group” led by Todd Boehly. The club’s shares will be purchased for £2.5 billion, with the revenues going to charity and £1.75 billion for the club’s “benefit,” according to the announcement.
They explained: “Chelsea Football Club can confirm that a new ownership group led by Todd Boehly, Clearlake Capital, Mark Walter, and Hansjoerg Wyss has reached an agreement to buy the club.
“£2.5 billion of the overall investment will be used to buy the Club’s shares, with the revenues going into a frozen UK bank account with the goal of donating 100% to philanthropic causes, according to Roman Abramovich.
“The funds will need to be moved from the blocked UK bank account with the permission of the UK government.
“In addition, the prospective new owners would spend an additional £1.75 billion in the Club’s benefit. This includes funds for the Chelsea Foundation as well as improvements in Stamford Bridge, the Academy, the Women’s Team, and Kingsmeadow.” The transaction is scheduled to close in late May, pending all regulatory clearances. At that time, more information will be supplied.”
According to The Wall Street Journal, Mr. Boehly’s firm, which owns a portion of the Los Angeles Dodgers, paid £4 billion for the franchise, setting a new record for a professional sports team sale.
The club was purchased by the Boehly-led company by Russian billionaire Roman Abramovich, who bought Chelsea in 2003.
Following British government sanctions implemented in response to Russia’s invasion of Ukraine, Mr. Abramovich was compelled to cede his ownership of the club.
— Darren Lavery (@Darren_Lav89) May 6, 2022