Chelsea sold to group led by LA Dodgers co-owner

LONDON (AP) — Chelsea are being sold to a consortium led by U.S. sports investor Todd Boehly, ending 19 years of Roman Abramovich’s lavish ownership and investment until the Russian oligarch was sanctioned and forced to offload the Premier League club.

The deal is worth 4.25 billion pounds ($5.24 billion).

“Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjorg Wyss, to acquire the club,” a statement from Chelsea said on Saturday.

Boehly, Clearlake Capital, Mark Walter and Hansjorg Wyss must now await approval from the Premier League and the UK government before approving the takeover. The transaction is expected to close by the end of May.

“Of the total investment made, £2.5 billion ($3.084 billion) will be applied to purchase the shares of the club, and this proceeds will be deposited in a frozen UK bank account with the intention of donating 100% to charitable causes as confirmed by Roman Abramovich,” Chelsea’s statement read.

“In addition, the proposed new owners will commit £1.75 billion ($2.159 billion) in additional investment to benefit the club. This includes investments in Stamford Bridge, the academy, the women’s team and Kingsmeadow and continued funding for the Chelsea Foundation.

Britain’s Press Association said Eldridge Industries chief executive Boehly was in London on Friday night and was due to attend Chelsea’s Premier League match with Wolves at Stamford Bridge on Saturday.

Boehly is a co-owner of the Los Angeles Dodgers MLB franchise and he also owns minority stakes in the NBA’s Los Angeles Lakers and the WNBA’s Los Angeles Sparks.

The challenge will be to maintain the expectation of regular trophies produced as part of Chelsea’s costly transformation following the takeover of Abramovich, which led to an end to a 50-year drought for the English title.

Chelsea won 21 trophies during Abramovich’s 19-year tenure, which ended abruptly after his assets were frozen under UK government sanctions in a crackdown on wealthy Russians linked to President Vladimir Putin following the invasion of Ukraine in February.

___

More AP soccer: https://apnews.com/hub/soccer and https://twitter.com/AP_Sports




973espn-yourbasin

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button