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Official: Terms agreed for Chelsea's sale

Official: American billionaire agrees $5.2BN deal to buy Premier League giants Chelsea

May 7, 2022 By Ali M.
After months of uncertainty, the London giants look to have found a new owner in the form of Todd Boehly and Co.

After months of uncertainty, Chelsea have finally found themselves a new owner. Almost, at least.

The Premier League giants announced in an official statement that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the Blues for roughly £4.25BN ($5.2BN). This should thus draw the curtains on Roman Abramovich's successful, but ultimately marred, reign at Stamford Bridge.

The Russian billionaire was forced to put the club up for purchase after being sanctioned in the UK due to his alleged ties with the Russian government and its president Vladimir Putin in the aftermath of the war in Ukraine. A long process to find a new owner ensued, which was made more difficult due to the sanctions, but the sale of the London giants looks to have entered the final stage.

"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," the official statement from Chelsea's website read.

"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."

But who is Todd Boehly, the face of the upcoming Chelsea takeover? He is an American investor and businessman worth allegedly $4.5BN. The Blues will not be the first sports team he gets involved with as Boehly is a part owner of Major League Baseball side the LA Dodgers and women's basketball team the Los Angeles Sparks. Additionally, he owns a stake in the iconic NBA franchise the LA Lakers.

However, he is not alone as two other billionaires are part of this consortium in the form of Mark Walter and Hansjorg Wyss, while investment firm Clearlake Capital are also involved, as mentioned in the official statement. The takeover is not complete, though, as a few issues stand in their way.

Both the UK government and the Premier League have to give their approval for this purchase. The English top-flight will issue an owners' and directors' test before giving this deal the green light as the goal is to wrap things up before Chelsea's current operating license expires on May 31.

While all of this is going on in the background, Tuchel and Co. remain focused on the pitch. The London giants are gearing up for a Premier League showdown with Wolves as the Stamford Bridge side look to return to winning ways, having triumphed only once in their last four league games.

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