Chelsea Sale To Be Completed Today
After weeks of negotiations, the £4.25bn sale of Chelsea FC is expected to be completed on Monday after the club confirmed “a final and definitive agreement” was reached with the Todd Boehly-led consortium.
The deal was approved on Wednesday 25th May after the government received legal guarantees that owner Roman Abramovich, who has had his UK assets frozen, will not benefit from the sale. The proceeds from the sale will be frozen in a UK bank account until the government has received further assurances that the money will solely go to support humanitarian causes in Ukraine.
Chelsea released a statement on Saturday 28th May that said,“Chelsea Football Club can confirm that a final and definitive agreement was entered into last night to sell the club to the Todd Boehly/Clearlake Capital consortium,”
Abramovich, who bought Chelsea in 2003, said he was “pleased this search has now come to a successful conclusion”.
He added in a statement, “As I hand over Chelsea to its new custodians, I would like to wish them the best of success, both on and off the pitch.
“It has been an honour of a lifetime to be a part of this club – I would like to thank all the club’s past and current players, staff, and of course fans for these incredible years.”
The takeover ends his 19-year ownership of the club and will see Los Angeles Dodgers co-owner Boehly become Chelsea’s controlling owner. However it will be California investment firm Clearlake Capital that will assume the majority shareholding. It is reported the new owners plan to invest £1.75bn into the club, placing the overall takeover value at £4.25bn.
The club have been operating under a special government licence which expires on 31st May. Since Abramovich was sanctioned, Chelsea have been unable to sell or sign players or offer new contracts but once the takeover is complete those restrictions will be lifted.
A government statement said, “The steps today will secure the future of this important cultural asset and protect fans and the wider football community. We have been in discussions with relevant international partners for necessary licences required and we thank them for all their cooperation.”
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