Chelsea have confirmed that a consortium led by Todd Boehly has now officially agreed a deal to acquire the club, marking the end of the eventful race to buy out Roman Abramovich.
The Blues announced in a statement released in the early hours of Saturday morning that LA Dodgers co-owner Boehly, Clearlake Capital, Mark Walter and Hansjorg Wyss are leading the new ownership group, with a total of £2.5billion applied to purchase shares.
Chelsea confirmed the proceeds of the sale would be deposited into a frozen UK bank account, “with the intention to donate 100% to charitable causes as confirmed by Abramovich” - subject to Government approval.
Boehly’s group are also set to commit £1.75bn for the “benefit of the club”, which includes proposed redevelopment of Stamford Bridge as well as investment in the Chelsea academy, women’s team and Kingsmeadow in addition to continued funding for Chelsea’s charitable foundation.
The sale will now need to be signed off by the Treasury, with Chelsea adding that they expect it to be completed by late May.
Boehly’s group had been confirmed as the preferred bidder for Chelsea last week by US merchant bank Raine Group, who had been handling the sale on behalf of Abramovich.
Abramovich moved to sell the club after almost 20 years in March following sanctions placed on him by the UK Government amid the invasion of Ukraine for his alleged links to Russian president Vladimir Putin.
He recently denied reports that he now wanted his £1.5bn loan to the club to be repaid, which would have thrown the sale into turmoil. Instead, Abramovich reiterated his intention to donate the proceeds of the sale to a charitable foundation to help victims of the ongoing war in Ukraine.
Boehly and Co saw off competition from consortiums led by former Liverpool and British Airways chairman Sir Martin Broughton and Boston Celtics co-owner Stephen Pagliuca, while the final shortlist of bidders also included Chicago Cubs owners the Ricketts family, who subsequently dropped out of the race before the deadline for final offers.
Ineos owner Sir Jim Ratcliffe made a last-gasp £4.25bn move for Chelsea last week, but it appears that offer came too late to provide a real challenge to Boehly.
American billionaire businessman Boehly - the co-owner of investment company Eldridge Industries who also has minor shares in the NBA’s Los Angeles Lakers and WNBA’s Los Angeles Sparks - is expected to be at Stamford Bridge on Saturday for the Premier League fixture against Wolves.
Chelsea statement in full
Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg 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.
