Todd Boehly-led group completes Chelsea takeover as the 'Abramovich era' officially ends


The Todd Boehly-led consortium has completed the £4.25 billion ($5.4 billion) takeover of Chelsea Football Club from Roman Abramovich. The record deal brings an end to the Russian oligarch's 19-year ownership of the London club, in which they won 21 trophies including five Premier League titles and two Champions Leagues.

Chelsea was put up for sale in March before previous owner Roman Abramovich was sanctioned by the UK government for his ties to Russian President Vladimir Putin in wake of the Ukraine invasion. The Blues had been operating under a special government permit that was set to expire on May 31. Talks for a takeover have been ongoing for the past month with the process to find the right owner having become a complicated one.

Out of the 12 concrete bids reportedly received, it was the one from Boehly-Clearlake Capital consortium that was accepted. Having successfully completed all the paperwork on Monday, the American group have officially sealed the deal for £4.25 billion ($5.4 billion) - a record for a sports team. According to Sky Sports, the proceeds from the sale will be frozen in a UK bank account until the government has received further assurances that the money will solely go to support humanitarian causes in Ukraine.

 "Roman Abramovich has completed the sale of Chelsea Football Club and related companies to an investment group led by Todd Boehly and Clearlake Capital," a statement by Chelsea read.

"This sale process commenced on 2 March, when Mr. Abramovich announced his intention to sell the Club after 19 successful years of ownership. In selling the Club, Mr. Abramovich stipulated that the new owner must be a good steward of the Club, the net proceeds of the sale must be donated to charity, and that he would not seek the repayment of loans made to affiliates of the Club."

Chelsea added that 'all necessary consents, as well as further licences required in Portugal, Canada and Jersey due to the structure of the previous ownership' and that the 'new joint control owners are committed to growth and building on the tradition of unparalleled football excellence.'

In a statement posted on Chelsea's website, Boehly expressed his delight in the acquisition made.

"We are honoured to become the new custodians of Chelsea Football Club," the Los Angeles Dodgers co-owner said.

"We're all in - 100 per cent - every minute of every match.

"Our vision as owners is clear: We want to make the fans proud. Along with our commitment to developing the youth squad and acquiring the best talent, our plan of action is to invest in the club for the long-term and build on Chelsea's remarkable history of success."

"I personally want to thank ministers and officials in the British government, and the Premier League, for all their work in making this happen," Boehly added.

Chelsea has been unable to sell, sign, or offer new contracts since Abramovich was sanctioned. The club is no longer subject to the sanctions placed on Roman Abramovich as a result of the takeover, and can look forward plan for next season with the summer transfer window just around the corner.

Next Post Previous Post
No Comment
Add Comment
comment url