Sports

Abramovich Finally Sells Chelsea to American Billionaire, Todd Boehly

Chelsea have confirmed that terms have been agreed for Todd Boehly to complete his £4.25 billion takeover of the club.

Boehly’s consortium was named as the preferred bidder to take over at Stamford Bridge by the Raine Group, the American bank who are overseeing the sale. He has partnered with fellow Dodgers owner Mark Walter, Swiss billionaire Hansjorg Wyss as well as investment firm Clearlake Capital.

Boehly saw off competition from consortiums fronted by Stephen Pagliuca and Sir Martin Broughton and even a late £4.25 billion bid from Britain’s richest, man Sir Jim Ratcliffe.

Eldridge Industries chief executive, Boehly, was in London yesterday night, and is expected to attend Chelsea’s Premier League clash with Wolves at Stamford Bridge today. 

Chelsea confirmed on their official website in the early hours of today that Boehly and his consortium can purchase the club, following the UK Government’s approval. 

The 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 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 per cent 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.

“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.”

0
Editor

Recent Posts

NNPC, SPDC Joint Venture Donates US$1 Million to Support Borno Flood Victims

Malik Yahya/ The Shell Petroleum Development Company of Nigeria Limited (SPDC JV)—operator of the NNPC…

2 hours ago

Federal Reserve Chair, Powell, Says He’ll Refuse to Step Down if Trump Asks

Femi Ashekun/ Federal Reserve Chair, Jerome Powell, has declared that he wouldn’t resign if President-elect…

14 hours ago

FG Responds to Malaysia’s Plan to Phase Out CNG, Clarifies its Position on Adoption

Segun Atanda/ The Nigerian government has responded to Malaysia's recent announcement to phase out compressed…

20 hours ago

Lagos Police Arrest Dog Owner After Fatal Attack on Security Guard in Lekki

Matilda Omonaiye/ The police in Lagos have arrested Salisu Mustapha, the owner of three dogs…

1 day ago

Why America Chose Donald Trump Again: A Vote for Defiance and Distrust

Dipo Kehinde/ As the news broke, many around the world struggled to understand how a…

2 days ago

Donald Trump Elected US President in Historic Comeback

Editor/ Donald Trump has defeated Kamala Harris in the US presidential election, marking a surprising…

2 days ago