The Premier League club, Chelsea FC has announced that a group led by Los Angeles Dodgers co-owner, Todd Boehly had agreed to buy the London club for £4.25 billion ($5.2 billion).
“The sale is expected to complete in late May subject to all necessary regulatory approvals,” the winners of the 2021 UEFA Champions League said in a statement late Friday.
Chelsea’s Russian owner, Roman Abramovich put the English top-flight club up for sale in March, merely days before he could be sanctioned by the British government following Ukraine’s invasion.
Raine Group, the New York bank that is monitoring Chelsea’s sale, chose Boehly and his fellow investors after a long and complex bidding process that involved several groups.
Among the investors in Boehly’s group are fellow Dodgers co-owner Mark Walter, Swiss billionaire Hansjoerg Wyss, and the US investment firm Clearlake Capital.
The Chelsea statement said, “Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the Club. Of the total investment being made, £2.5bn will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100 per cent to charitable causes as confirmed by Roman Abramovich.
“UK government approval will be required for the proceeds to be transferred from the frozen UK bank account.”
Furthermore, the new owners would commit £1.75 billion in additional investment for the club’s benefit, Chelsea said.
On the field, the five-time Premier League winners will square off against Wolverhampton Wanderers FC tonight i.e. May 7. A win for the Blues would confirm their place in the next season’s Champions League.