Todd Boehly’s consortium has signed an agreement to purchase Chelsea from Roman Abramovich.
Todd Boehly’s consortium led by the LA Dodgers part-owner – which includes backing from Clearlake Capital, a US investment firm – beat off late competition from £4.25billion bidder Sir Jim Ratcliffe and other consortiums led by Stephen Pagliuca and Sir Martin Broughton to win the battle to become the Premier League club’s new owners.
In a club statement in the early hours of Saturday morning, announced the proposed deal. The UK Government and the Premier League have to approve it before it can be completed. The club says a deal is “expected to complete in late May”.
Chelsea said in a statement: “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 percent to charitable causes as confirmed by Roman Abramovich.
“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.”
In April, Boehly’s consortium was chosen as the preferred group to buy Chelsea, despite a late £4.25bn bid from Britain’s richest man Ratcliffe for the west London club – though that offer was rejected out of hand.
Chelsea will have new owners by the end of this month – nearly three months after Russian owner Abramovich, who has been at the Stamford Bridge helm for 19 years, first put the club up for sale on March 2.
The Russian was sanctioned by the UK Government on March 10, claiming to have proven links between the Russian-Israeli billionaire and Vladimir Putin.