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New owners revealed as Abramovich era ends at Chelsea – RT Sport News

Premier League side Chelsea have confirmed a consortium led by Todd Boehly have signed a contract to buy the club from Roman Abramovich in a deal worth £4.25billion ( $5.2 billion).

Abramovich, who bought the club in 2003 and oversaw its growth into one of Europe’s elite football clubs, put his interest in the team up for sale in March shortly before being sanctioned by the UK government following the Russian military campaign in Ukraine. .

A statement released by Chelsea overnight said the club’s new owners would pay £2.5bn ($3bn) to buy a majority stake – with proceeds to be paid into a frozen bank account and donated to a Charity association.

The deal will require approval from the Premier League and the UK government, but both entities are expected to approve the terms of the purchase agreement.

Boehly – who is expected to feature for Chelsea’s game against Wolves at Stamford Bridge on Saturday afternoon – emerged victorious in a dramatic run that saw several contenders battle it out for control of one of the biggest clubs in football in Europe since it was brought to market by Abramovich. .

The American will remain the public face of the consortium but he is backed by Californian private equity firm Clearlake Capital, as well as Swiss billionaire Hansjorg Wyss and Jonathan Goldstein, a British property developer.

Mark Walter, president of the Los Angeles Dodgers, is also implicated.

“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., Chelsea said in a statement.

“Of the total investment made, £2.5 billion will be applied to buy 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, such as the confirmed Roman Abramovich UK government approval will be required for proceeds to be transferred from the frozen UK bank account.

“In addition, the proposed new owners will commit £1.75bn of additional investment to benefit the club. This includes investments in Stamford Bridge, the Academy, Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation.

“The sale is expected to be finalized at the end of May subject to all necessary regulatory approvals. More details will be provided at that time.

The takeover had appeared to hit a snag this week when media circulated suggesting Abramovich had changed the terms of the potential deal, sparking fears Chelsea would fail to meet a deadline to secure its status as a Premier League club.

However, the Russian billionaire later denied the reports in a statement he released via Chelsea’s website.

The change in ownership, when formalized, will allow Chelsea to operate as a normal club again and outside of the sanctions imposed on them due to their connection with Abramovich.

They are currently unable to extend player contracts or pursue transfer targets under sanctions – but the new owner is expected to look to bolster the playing squad when the transfer window ends. summer will open.


RT

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