Chelsea Football Club will be under new ownership from Monday after the consortium led by the U.S. billionaire Todd Boehly reached a definitive agreement to complete its £4.25billion takeover from Roman Abramovich.
A statement released by the club reads: “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.”
Abramovich has owned Chelsea since 2003 but his reign is set to end after nearly 19 years. The oligarch was sanctioned by the government due to alleged links to Russian president Vladimir Putin, something he has always denied. Nevertheless, the sanctions stood and the plans of Thomas Tuchel and the board were thrown into disarray with transfer and contract negotiations halted.
It’s just one reason why a speedy takeover process was required and Boehly eventually won the race, with Chelsea confirming that they had accepted the offer of the American businessman in an official statement earlier this month.
A statement on the club’s website read: “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.
“Of the total investment being made, £2.5bn will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account with the intention 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.
“In addition, the proposed new owners will commit £1.75bn in further investment for the benefit of the Club. This includes investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation. The sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time.”
Chelsea fans will of course be wondering whether they’ve got the right team in place to takeover from Roman Abramovich, who has invested so much into the club over the past two decades. That being said, it looks like they don’t need to worry about proceedings too much.
That’s because the American is a very rich man. As per networth.com, Boehly’s current net worth sits at £4.72billion. He is the co-founder, chairman and CEO of Eldridge Industries. Eldridge is a holding company with offices in New York, Boston and London, and have a history of investment in industries including technology, media, real estate…