American billionaire Todd Boehly has taken over Chelsea Football Club after completing his £4.25 billion agreement with the club management.
Chelsea have confirmed reaching terms with him for the takeover of the club.
Russian billionaire, Roman Abramovich put the club up for sale before the UK Government sanctioned him in March following Russia’s invasion of Ukraine and his close relationship with Russian President, Vladimir Putin.
The takeover is coming after Boehly’s consortium was named as the preferred bidder to take over at Stamford Bridge by the Raine Group, the American bank who are overseeing the sale.
Read also: Russia Sanctions: UK Blocks Chelsea FC Sale by owner Abramovich
He partnered with fellow Dodgers owner Mark Walter, Swiss billionaire Hansjorg Wyss as well as investment firm Clearlake Capital to purchase the club.
Boehly saw off competition from consortiums fronted by Stephen Pagliuca and Sir Martin Broughton and even a late £4.25 billion bid from Britain’s richest man Sir Jim Ratcliffe.
Chelsea confirmed on their official website in the early hours of Saturday morning that Boehly and his consortium can purchase the club, following the UK Government’s approval.
The statement 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 Hansjoerg Wyss, to acquire the Club.
”Of the total investment being made, £2.5billion 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 per cent 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 £1.75 billion in further investment for the benefit of the Club. This includes investments in Stamford Bridge, the Academy, the Women’s Team and Kings meadow 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.”
