Monday, Sep 26, 2022
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Chelsea Football Club Sale: Todd Boehly-led Group To Buy English Premier League Club

Chelsea were put up for sale following sanctions on Roman Abramovich for his alleged links to Russian president Vladimir Putin.

Roman Abramovich has reiterated that the proceeds from the sale will go to charity.
Roman Abramovich has reiterated that the proceeds from the sale will go to charity. File Photo

A consortium led by American businessman Todd Boehly has signed a contract to buy Chelsea, the English Premier Club confirmed. The deal will bring an end to Roman Abramovich’s ownership. (More Football News)

The Todd Boehly-led group was selected as the preferred bidder last Friday and has secured an agreement despite late interest from British billionaire Jim Ratcliffe.

In a statement on Saturday, Chelsea said 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% 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," it added.

Todd Boehly is a co-owner of the LA Dodgers baseball team. 

Chelsea were put up for sale following sanctions on owner Roman Abramovich for his alleged links to Russian president Vladimir Putin in the wake of the invasion of Ukraine.

Chelsea, the reigning UEFA Champions League champions, are currently operating under a special licence. And it expires on 31 May. 

The sale is expected to complete in May subject to all necessary regulatory approvals.

Abramovich reiterated that the proceeds from the sale will go to charity.

Chelsea are currently third in the EPL standings, with 66 points from 34 matches. They host Wolves at Stamford Bridge on Saturday.

Thomas Tuchel's men lost to Real Madrid in the Champions League quarter-finals. But they can still end the 2021-22 season with a trophy.

They face Liverpool in the FA Cup final on May 14.

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