Chelsea Football Club to be sold for £4.25 billion ($5.2 billion)

Chelsea Football Club confirmed that terms were reached with a consortium headed by Todd Boehly, Los Angeles Dodgers part-owner, and supported by Clearlake Capital for the acquisition of the English Premier League soccer club.

In a statement, the Stamford Bridge-based outfit announced that the deal for the European champions was worth 4.25 billion pounds ($5.2 billion). However, approvals must be received before the announcement can be made.

According to the statement, “Chelsea Football Club confirms that terms have been reached for a new ownership group led by Todd Boehly and Clearlake Capital, Mark Walter, Hansjoerg Wyss and Mark Walter to acquire the club.”

“The sale should be completed in May, subject to all regulatory approvals. We will provide more details at that time.”

Chelsea announced that the new owners would pay 2.5 Billion Pounds to buy shares and commit 1.75 Billion Pounds to invest in the stadium, women’s team, academy, and Chelsea Foundation.

According to the statement, all proceeds would be transferred to a UK bank account frozen. Roman Abramovich, the Russian owner currently under British sanctions, would donate all the proceeds to charity.

This announcement comes just three weeks before the expiration of the club’s current operating license, which expires May 31.

After the invasion of Ukraine, Abramovich offered to sell the club.

After denying reports that he wanted to repay a loan of 1.5 billion pounds ($1.9 million) to the club, he cleared the way for the takeover.

After a late British bid by Jim Ratcliffe, the Boehly Group, which also includes Wyss the billionaire from Switzerland, was turned down, they were now in exclusive negotiations for the purchase of the club.

Groups headed by Stephen Pagliuca, co-owner of Boston Celtics, and Martin Broughton (ex-chairman of British Airways) were eliminated earlier from the bidding process. A consortium headed by the Ricketts family, Chicago Cubs owners, pulled out of the race.

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