ENGLISH PREMIER LEAGUE

Todd Boehly buys Chelsea Football Club from Roman Abramovich

Chelsea
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Chelsea, one of the Premier League’s biggest clubs, will be sold to a consortium led by LA Dodgers part-owner Todd Boehly, the club said today.

Moreover, a deal was announced late Friday between Todd Boehly and Russian billionaire Roman Abramovich for a record-breaking price for a professional sports team almost £4.3 billion, equivalent to $5.2 billion.

Chelsea Football Club confirmed this news on their website: “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.”

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