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Chelsea Reach Agreement To Sell Club To New Owners

1 year agoSat, 28 May 2022 11:39:37 GMT
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Chelsea Reach Agreement To Sell Club To New Owners

Chelsea Football Club have confirmed the agreement to sell the club to the Todd Boehly/Clearlake Capital consortium.

The English Premier League and the British government gave the green light for the Boehly group on Tuesday to acquire the club from Russian billionaire Roman Abramovich who was sanctioned by the UK over Russia’s invasion of Ukraine.

In a statement, the club said the sale is expected to be complete in late May subject to all necessary regulatory approvals. Read the statement:

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.

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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.

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