Chelsea takeover completed by Todd Boehly led group

The Chelsea takeover has been completed as Roman Abramovich has sold the Premier League to an investment group led by American Todd Boehly.

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This process has been going on since early March when Abramovich announced he would end his 19 years in charge at Chelsea.

Days later he was sanctioned by the UK government for his close links with Russian president Vladimir Putin amid the ongoing war in Ukraine, and that has made this Chelsea takeover incredibly complicated as the UK government put several sanctions on the club and gave them a short-term license to operate for the rest of the season until Abramovich sold the club.

However, after a lengthy process to find the right owner the deal has been confirmed and Boehly’s group has bought Chelsea for a fee of $3.5 million and there is a ‘binding financial commitment’ that $2.2 billion will be spent on the club via its youth and women’s teams, Stamford Bridge and other facilities in the coming years.

As part of this deal (which the UK government had to sanction), Roman Abramovich will not receive a single cent and the $1.9 billion he loaned to Chelsea, while all net profits will go to charity.

Below is the statement from Chelsea confirming the takeover, which was released immediately upon the sale of the club.

“Roman Abramovich has completed the sale of Chelsea Football Club and related companies to an investment group led by Todd Boehly and Clearlake Capital.

“This sale process commenced on 2 March, when Mr. Abramovich announced his intention to sell the Club after 19 successful years of ownership. In selling the Club, Mr. Abramovich stipulated that the new owner must be a good steward of the Club, the net proceeds of the sale must be