Chelsea FC latest sale: Todd Boehly signs purchase contract

It has been a long and stressful few months for Chelsea fans after owner Roman Abramovich put the club up for sale in March.

The Russian billionaire’s assets were frozen due to his association with Vladimir Putin in the context of Russia’s invasion of Ukraine.

This means that the Blues are temporarily unable to sell tickets, merchandise or indeed players, nor can they offer new contracts to existing staff.

And while there have been several consortiums linked with a deal to buy Chelsea, it looks like the Blues are finally on the verge of a takeover.

Here are the latest updates…

According to an official statement from Chelsea, a consortium led by Todd Boehly, owner of the LA Dodgers and backed by Clearlake Capital has signed an agreement to acquire the club.

In the early hours of Saturday morning, The Blues confirmed that terms had been agreed with a new ownership group led by Mr Boehly, Clearlake Capital, Mark Walter and Swiss billionaire Hansjorg Wyss.

It is understood that the proposal will now be put forward before the UK government and the English Premier League approve it, with a completion date expected later this month.

Chelsea’s statement read: “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 purchase. back to the Club.

“Of the total investment made, £2.5 billion will be used to purchase shares of the Club and the proceeds will be deposited into a frozen UK bank account with the intention of intends to donate 100% to charitable causes as confirmed by Roman Abramovich. UK Government approval will be required for the proceeds to be transferred from a blocked UK bank account. In addition, the proposed new owners will commit to an additional £1.75 billion investment for the benefit of the Club. This includes investments in Stamford Bridge, Academy, Women’s Team and Kingsmeadow and continued funding of the Chelsea Foundation. “The acquisition is expected to be completed by the end of May subject to all necessary regulatory approvals. Details will be provided at that time. ”

Boehly is the Co-Founder, CEO, Chairman and controlling member of Errige Industries – a private investment firm in Greenwich, Connecticut – and also owns 20% of the shares of the Los Angeles Dodgers and is a co-owner. owned by the Los Angeles Sparks.

The 46-year-old has an estimated net worth of £4.72 billion.

Earlier this week, Boehly’s bid was thrown into doubt after rumors emerged that Abramovich had announced he wanted his £1.6 billion loan to be repaid.

However, Russia later flatly denied the claims.

A spokesman for Abramovich wrote: “Firstly, Mr Abramovich’s intentions regarding donating the proceeds from the sale of Chelsea to charity have not changed.

“Since the initial announcement, Mr. Abramovich’s team has identified high-level representatives from United Nations agencies and major global charities who have been tasked with setting up the Foundation and mapping it out. plan the activities of this organization. The main independent expert had a discussion with the Government representative to present the structure and initial plans.

“Mr Abramovich was not involved in this work and it is managed independently by professionals with many years of experience working in humanitarian organisations.

“Secondly, Mr Abramovich has not asked to repay any loans to him – such offers are completely false – nor are suggestions that Mr Abramovich has raised the club’s price in the last minute. As part of Mr Abramovich’s goal to find a good custodian for Chelsea FC, however, he has encouraged each bidder throughout the process to commit to investing in the Club – including in the Academy. , women’s team, stadium redevelopment as well as job maintenance. of the Chelsea Foundation.

“Following the sanctions and other restrictions imposed by the UK on Mr Abramovich since the announcement that the Club would be sold, the loan also became the subject of EU sanctions, required require additional approval. That means the funds will be frozen and subject to a legal process administered by the authorities. These funds are still reserved for the Foundation. The government is aware of these limitations as well as the regulatory implications.

“To be clear, Mr Abramovich has no access or control over these funds and will not have any access or control over these funds after the sale. Despite the changing circumstances since his initial announcement – he remains committed to finding a good guardian for Chelsea FC and ensuring the proceeds go to good cause. ”