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Todd Boehly is set to officially become the new owner of Chelsea FC after the government gave his takeover the green light.
Boehly is leading a US consortium buying Chelsea for £4.25bn after Roman Abramovich was sanctioned over Russia’s invasion of Ukraine.
The sale was approved by the Premier League on Tuesday after months of negotiations and Culture Secretary Nadine Dorries confirmed the Government had issued a license to sell the club on Wednesday morning.
“Given the sanctions we have imposed on those associated with Putin and the bloody invasion of Ukraine, the club’s long-term future can only be secured under new ownership,” she tweeted.
“We are confident that the proceeds of the sale will not benefit Roman Abramovich or any other sanctioned person.
“I would like to thank everyone, especially the officials, who have worked tirelessly to keep the club running and to make this sale possible to protect the fans and the wider football community.”
According to Chelsea, £2.5bn of the sale price will go towards buying the club’s shares and £1.75bn towards “further investments” in the club, including the stadium, Stanford Bridge, the club academy, women’s side Kingsmeadow, and Chelsea Foundation.
Who is Todd Boehly and what is his net worth?
Boehly is an American investor and businessman. He has an estimated net worth of $4.5 billion Forbes.
He is married with three children and lives in Connecticut.
The 48-year-old is the Chairman and Chief Executive of Eldridge, a US consulting and financial services firm “dedicated to expanding market opportunities in significant companies,” which he co-founded in 2015.
He is also a co-owner of the Los Angeles Dodgers baseball team and the Los Angeles basketball teams Lakers and Sparks.
Boehly has interests in the entertainment company A24 – which was behind the hit films Unpolished gems, Midsummer and moonlight — and Penske Media, which owns publications like Rolling Stone and diversity.
He is currently the interim chief of the Hollywood Foreign Press Agency – the organization that gives out the Golden Globe Awards.
He is also the owner of fantasy sports company DraftKings and esports organization Cloud9.
When did Todd Boehly buy the LA Dodgers?
Boehly is part of Guggenheim Baseball Management, a consortium led by businessman Mark Walter that bought the LA Dodgers for $2.15 billion in March 2012.
Boehly himself has a 20 percent stake in the team.
The Dodgers struggled before the takeover, but the Guggenheim consortium pumped significant funds into the team to turn its fortunes around.
They have been Major League Baseball’s biggest donors over the past decade and were rewarded with a World Series win in 2020.
The team spent more than $1 billion on players in the first four years of Boehly’s tenure, though season ticket prices have also skyrocketed: the cheapest ticket now costs four times what it cost when Guggenheim acquired it.
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