Premier League

Chelsea confirm final agreement with Todd Boehly consortium over sale of the club

Metro


American billionaire Todd Boehly is Chelsea's brand new owner
American billionaire Todd Boehly is Chelsea’s brand new owner (Picture: Getty Images)

Chelsea have confirmed they have reached a ‘final and definitive’ agreement with the consortium led by Todd Boehly over the sale of the club.

American billionaire Boehly, a part-owner of the Los Angeles Dodgers, has spearheaded the bid which is predominantly financed by private equity firm Clearlake Capital.

After a lengthy sale process, Chelsea say that the deal is expected to be completed on Monday.


Boehly is a part-owner of the LA Dodgers
Boehly is a part-owner of the LA Dodgers (Picture: Getty Images)

A statement on Saturday morning read: ‘Chelsea Football Club can confirm that a final and definitive agreement was entered into last night to sell the Club to the Todd Boehly/Clearlake Capital consortium.

‘It is expected that the transaction will be completed on Monday. The Club will update further at that time.’

The completion of the deal will see the end of the ownership of Roman Abramovich, who bought Chelsea for £140million in 2003.

The Russian oligarch was sanctioned by the UK Government over alleged ties with Russian president Vladimir Putin.

After the £4.25 billion takeover was given approval from the UK Government and Premier League earlier this week, the Todd Boehly/Clearlake Capital consortium are set to finally take the reins.

A government spokesperson said on Wednesday: ‘Late last night the UK Government reached a position where we could issue a licence that permits the sale of Chelsea Football Club.

‘Following the sanctioning of Roman Abramovich, the Government has worked hard to ensure Chelsea Football Club has been able to continue to play football.

‘But we have always been clear that the long-term future of the club could only be secured under a new owner. Following extensive work, we are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual.

‘We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war.

‘The steps today will secure the future of this important cultural asset and protect fans and the wider football community. We have been in discussions with relevant international partners for necessary licences required and we thank them for all their cooperation.’

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