Todd Boehly Signs Chelsea €5bn agreement to buy the club
Todd Boehly Signs Chelsea’s €5bn agreement to buy the club, now Premier League and UK Government set to approve.
Chelsea has announced that Todd Boehly’s consortium has reached an agreement to buy the club from Roman Abramovich for €5 billion.
Los Angeles Dodgers co-owner Boehly has won the race to buy the Blues amid the most public major sports franchise takeover in history.
Before finalizing the takeover, Boehly, Clearlake Capital, Mark Walter, and Hansjorg Wyss must wait for Premier League and UK Government permission.
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Todd Boehly Signs Chelsea €5bn deal
“Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter, and Hansjorg Wyss, to acquire the club,” a Chelsea statement read.
“Of the total investment being made, £2.5billion 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.
“In addition, the proposed new owners will commit £1.75billion 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.”
The Boehly consortium is understood to have agreed to clauses that block the payment of dividends or management fees until 2032, also barring the sale of any Chelsea shares for 10 years.
The signed purchase agreement represents a major step forward in the Chelsea takeover.
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