Chelsea Football Club has on Saturday, May 7 officially confirmed Todd Boehly as the club’s new owner.
In a statement via their website, the Premier League giants confirmed that terms have been agreed for the new ownership group, led by Todd Boehly, to acquire the West London club.
Chelsea takeover saga seems to be finally over following more than two months of trying to find a suitable bidder by the American merchant bank, Raine Group that was placed in charge of the sale of the London club.
Boehly became Chelsea’s new owner following the completion of his £3.5billion takeover, replacing Roman Abramovich.
His consortium was named as the preferred bidder to take over Chelsea by the Raine Group.
Todd Boehly Consortium teamed up with investment firm, Clearlake Capital and billionaires Mark Walter and Hansjoerg Wyss to acquire the West London football club for a bid worth around £4.25 billion, which satisfies £2.5 billion for the purchase price and £1.75 billion as a further investment for the benefit of the club.
Chelsea’s statement reads;
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.
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.
In addition, the proposed new owners will commit £1.75bn in further investment for the benefit of the Club. This includes investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation.
The sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time.
