Monday, March 20, 2023

Chelsea takeover imminent after final deal

LONDON ( Associated Press) – The sale of Premier League club Chelsea is expected to be completed on Monday as a “final and definitive” agreement was reached with the consortium fronted by Los Angeles Dodgers part owner Todd Boehley.

The club said on Saturday that “a final and definitive agreement was reached last night” to sell Bohly and the Clearlake Capital consortium. The price is 2.5 billion pounds ($3.2 billion) – the highest ever for a sports team.

“The transaction is expected to be completed on Monday,” the club said.

The announcement came after a series of negotiations allowing Roman Abramovich to be sold after the invasion of Ukraine had been approved over his relationship with Russian President Vladimir Putin. Abramovich has owned the club for 19 years.

The British government, which approved Abramovich, this week approved the sale after making sure the Russian oligarch could not profit from it. The Premier League had given its approval earlier.

Abramovich’s assets were frozen in March and Chelsea have been operating under a government license since it expired on Tuesday.

“It has been an honor of a lifetime to be part of this club,” Abramovich said in a statement posted on Chelsea’s website.

“My goal is to ensure that the next owner has a mindset that will enable the will and drive to develop success for the men’s and women’s team, as well as other key aspects of the club, such as the academy and important work. of the Chelsea Foundation,” he said.

The men’s team has won 21 trophies during Abramovich’s ownership. Chelsea fans have become accustomed to spending lavishly on players under Abramovich, with over $1 billion in net spending.

Boehly’s group was selected earlier this month after pledging to invest 1.75 billion pounds ($2.2 billion) in teams and infrastructure.

The consortium also includes funding from Dodgers principal owner Mark Walter, Swiss billionaire Hansjörg Wies and private equity firm Clearlake.

“I am glad that this discovery has now come to a successful conclusion,” Abramovich said. “As I hand over Chelsea to their new patrons, I want to wish them success both on and off the pitch.”


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