Chelsea FC confirm Todd Boehly Consortium have signed £4.25bn deal to buy the club

Chelsea have confirmed Todd Boehly’s consortium have agreed terms to buy the Stamford Bridge club from Roman Abramovich in a £4.25billion deal.

Los Angeles Dodgers co-owner Boehly has won the race to buy the Blues amid the most public takeover of a major sports franchise in history. Boehly, Clearlake Capital, Mark Walter and Hansjorg Wyss must now await approval from the Premier League and the UK government before approving the takeover.

“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,” a Chelsea statement read. “Of the total investment made, £2.5 billion will be applied to buy the shares of the club, and this proceed will be deposited in a frozen UK bank account with the intention of donating 100% to charitable causes, as confirmed by Roman Abramovich. .

“UK Government approval will be required for proceeds to be transferred from the frozen UK bank account. In addition, the proposed new owners will commit £1.75 billion of additional investment to benefit the club. This includes investment in Stamford Bridge, the academy, women’s team and Kingsmeadow and continued funding for the Chelsea Foundation. The sale is expected to be finalized at the end of May, subject to all necessary regulatory approvals. Further details will be provided at that time. »

Eldridge Industries chief executive Boehly was in London on Friday night and is expected to attend Chelsea’s Premier League clash with Wolves at Stamford Bridge on Saturday. The Boehly consortium has reportedly agreed to clauses that block the payment of dividends or management fees until 2032, also prohibiting the sale of any Chelsea shares for 10 years. The signed purchase agreement represents a major step forward in the takeover of Chelsea, which has accelerated since March 2, when Abramovich put the club up for sale amid the continued invasion of Ukraine by Russia.

Abramovich was subsequently sanctioned by the British government on March 10, with Downing Street claiming to have proven his links to Russian leader Vladimir Putin. Russian-Israeli billionaire Abramovich has owned Chelsea since 2003, leading the club to 21 trophies during his 19 years in charge of Stamford Bridge.

The 55-year-old reportedly viewed completing the global trophy sweep with the Club World Cup title in February as the end of an era. Abramovich insisted on Thursday that he still wanted to cancel Chelsea’s £1.5billion debt to him once the sale of the club was completed.

This loan, however, cannot be canceled under Abramovich’s sanctions, and it should be frozen at the end of the sale. The club must be sold by the May 31 deadline when the government’s temporary license for Chelsea expires. Chelsea’s current license prohibits the club from entering into new contracts with existing players or bringing in new signings.

Abramovich remains hopeful that his plan to donate all proceeds from the sale to a new charitable foundation may yet come to fruition. The government is expected to ensure that proceeds from the sale benefit victims of the war in Ukraine, with Abramovich hoping independent trustees can lead a new foundation. Chelsea manager Thomas Tuchel revealed on Friday he was “confident” the Blues were closing in on a sale of the club.

“I was told last week that we had a preferred candidate and things are moving forward,” Tuchel said.

“It’s quite an important week for the club, but I was fully focused on the pitch. But after what I heard last week, I’m confident. Clearance is always the best, because when the situation is clear, you can take action, make judgments, take action. Otherwise, you’re in a passive role, and that’s what we are right now. We’ve tried to make this as small an issue as possible, but of course it is still there.We prefer to have it in a clear and direct way -situation of thought.

“That’s what we hope for, we know what we have to deal with, what the circumstances are to improve the team, and that we can act, rather than react, or even worse, do nothing.”

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