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Chelsea confirm agreement for Todd Boehly’s consortium to complete takeover of the club

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Chelsea have reached a final agreement for the sale of the club to the consortium led by Todd Boehly, bringing an official end to Roman Abramovich’s highly successful 19-year reign as the club’s owner.

The west London club confirmed on Saturday that the consortium containing LA Dodgers co-owner Boehly and the private equity firm Clearlake Capital are soon to be in control of the Stamford Bridge outfit.

A statement read: “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.

“It is expected that the transaction will be completed on Monday. The club will update further at that time.”

The takeover had previously moved a step closer to completion on Wednesday when the UK government issued a licence which approved the deal.

Their green light for the sale came just a day after the Premier League said the consortium passed its Owners’ and Directors’ Test.

A government spokesperson said on Wednesday: “Late last night the UK government reached a position where we could issue a licence that permits the sale of Chelsea Football Club.

“Following the sanctioning of Roman Abramovich, the government has worked hard to ensure Chelsea Football Club has been able to continue to play football. But we have always been clear that the long-term future of the club could only be secured under a new owner.

“Following extensive work, we are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual. We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war.

“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.”

Having been chosen as the preferred bidder last month, Chelsea confirmed Boehly’s group had reached an agreement to buy the club from Abramovich for £4.25 billion on May 6.

Chelsea previously stated the Boehly group will pay £2.5 billion for shares in the club, with proceeds going to a frozen bank account to be donated to charity.

Former owner Abramovich is unable to receive money from the sale, due to sanctions imposed on him by the UK government following Russia’s invasion of Ukraine.

Abramovich, who bought Chelsea in 2003, was described by the government as a “pro-Kremlin oligarch”.

The west London club won every available trophy during the Abramovich regime.

They lifted 21 titles including five Premier Leagues, five FA Cups, two Champions Leagues and two Europa Leagues.

Boehly, who has largely fronted the successful bid, has attended several Chelsea games since entering into the initial agreement earlier this month.

Though Boehly has been the public face of the group, which includes Conservative peer Daniel Finkelstein, Swiss billionaire Hansjorg Wyss and British property developer Jonathan Goldstein, the Californian private equity firm Clearlake Capital will own the majority of the shares in Chelsea.

Boehly’s group was selected as the preferred bidder by Raine Group, the bank charged with facilitating the sale of Chelsea following Abramovich’s decision to sell in March, ahead of other consortiums led by Sir Martin Broughton, Boston Celtics co-owner Stephen Pagliuca and the Ricketts family, who own the Chicago Cubs.

British billionaire Sir Jim Ratcliffe also tabled a last-minute offer, having not been shortlisted by Raine, but was ultimately unsuccessful.

Chelsea finished the Premier League season in third place, qualifying for next season’s Champions League. They were beaten by Liverpool in the finals of the FA Cup and Carabao Cup.

(Photo: Ivan Yordanov/MI News/NurPhoto via Getty Images)

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