A group led by Todd Boehly, co-owner of the Los Angeles Dodgers baseball team, is to acquire Chelsea Football Club in a 4.25 billion pound ($5.2 billion) bid , announced the London club.
“The sale should be finalized at the end of May subject to obtaining all the necessary regulatory authorizations”the club said in a statement released late Friday, May 6, 2022.
Chelsea boss, Russian Roman Abramovich, put the club up for sale in March days before it faced British sanctions in the wake of Russia’s invasion of Ukraine launched on February 24.
After a long bidding process involving several groups, Todd Boehly and his investment partners were chosen by the New York bank Raine Group, which is supervising the sale.
£2.5 billion donated to charity
This group is made up, in addition to Todd Boehly, of Mark Walter, co-owner with him of the Dodgers, of the Swiss billionaire Hansjoerg Wyss and of the American investment company Clearlake Capital.
“The Chelsea Club can confirm that terms have been agreed for a new group of owners, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the club.”said the press release from Chelsea FC.
“Of the total investment to be made, £2.5 billion will be used to buy back the club’s shares and this sum will be deposited in a frozen UK bank account with the intention of donating 100% to charitable actions as validated by Roman Abramovich”he continued.
“The UK government’s green light will be required for these funds to be transferred from the frozen bank account”noted the club.
Additionally, the new owners have pledged to invest a further £1.75 billion on behalf of the club, the statement said.
Two Champions League trophies
Since its sale on March 2, the club has been playing in the Premier League thanks to a special license which prevents it from offering new contracts to its players or recruiting them. A license that is due to end on May 31.
Under the auspices of its Russian owner, the club has accumulated success, including five Premier League titles and two Champions League trophies.
After a long winning streak on the heels of announcing their next change of hands, Chelsea have been struggling lately.
They lost in the Champions League quarter-finals to Real Madrid and their place in the Premier League top four is far from guaranteed.
