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JUST IN: American billionaire Todd Boehly completes Chelsea takeover

Blues by Todd Boehly! Chelsea has confirmed that an American billionaire has reached an agreement to buy the club, as Roman Abramovich’s £4.25 billion proposed sale is poised to be approved by the Government and Premier League.

  • Todd Boehly is the new owner of Chelsea following £4.25billion takeover of the club
  • The Premier League side’s future has been uncertain due to Roman Abramovich
  • The Russian was sanctioned by Government after Russia’s invasion of Ukraine
  • The Government has finally approved the sale of the club, ending takeover saga
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Boehly saw off competition from consortiums fronted by Stephen Pagliuca and Sir Martin Broughton and even a late £4.25bn bid from Britain’s richest man Sir Jim Ratcliffe.

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

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

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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 percent 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.

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‘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 be complete in late May subject to all necessary regulatory approvals. More details will be provided at that time.’

Source: Sportyworld.net

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