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Chelsea will be sold to a consortium fronted by Los Angeles Dodgers part-owner Todd Boehly, ending 19 years of ownership and lavish investment by Roman Abramovich until the Russian oligarch was sanctioned and forced to offload the Premier League club over the war in Ukraine.
LONDON (AP) — Chelsea will be sold to a consortium fronted by Los Angeles Dodgers part-owner Todd Boehly, ending 19 years of ownership and lavish investment by Roman Abramovich until the Russian oligarch was sanctioned and forced to offload the Premier League club over the war in Ukraine.
Swiss billionaire Hansjorg Wyss reportedly approached to buy Chelsea
Swiss billionaire Hansjorg Wyss reportedly approached to buy Chelsea
Chelsea have some clarity after an uncertain few months with the consortium led by LA Dodgers co-owner Todd Boehly set to buy the Premier League giants. The Boehly group, which includes fellow Dodgers co-owner Mark Walter, Swiss billionaire Hansjoerg Wyss and US investment firm Clearlake Capital have committed to a deal worth £4.25 billion ($5.2 billion), a record for a sports club. A sum of £1.75 billion is earmarked for future investment in the club with the other £2.5 billion frozen due to the sanctions imposed on current owner Roman Abramovich.
LONDON: Chelsea will be sold to a consortium fronted by Los Angeles Dodgers part-owner Todd Boehly, ending 19 years of ownership and lavish investment by Roman Abramovich until the Russian oligarch was sanctioned and forced to offload the Premier League club over the war in Ukraine.The sale price of 2.5 billion pounds ($3.1 billion) for the reigning FIFA Club World Cup winners and 2021 European champions is the most lucrative-ever for a sports team worldwide but Abramovich cannot receive the proceeds, which he hopes will go to a foundation for the victims of the war. A further 1.75 billion pounds ($2.2 billion) has been committed to invest in Chelsea’s teams and stadiums after two months of rapid negotiations to sell the west London club since Russia invaded Ukraine.After several rival bids were rejected, Chelsea said Saturday that buyout terms had been agreed with a consortium that features Boehly along with Dodgers principal owner Mark Walter, Swiss billionaire Hansjorg Wyss and funding from private equity firm Clearlake Capital.The Premier League must approve them as the new ownership and the government has to sign off under the terms of the license that allows Chelsea to continue operating as a business through May 31 while being one of Abramovich’s frozen assets.Abramovich has said he would write off loans of more than 1.5 billion pounds ($1.9 billion) to Chelsea but that has been complicated by the sanctions put in place by the British government as part of a crackdown on wealthy Russians with ties to President Vladimir Putin.
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Chelsea have agreed terms to sell the club to a consortium led by Todd Boehly, the co-owner of the LA Dodgers baseball team. The £4.25bn deal, which will require approval from the English football authorities and the UK government, is expected to be completed in late May. Ad/> The sale can only be signed off once the bidder has passed the Premier League's owners' and directors' test.