Chelsea confirms Todd Boehly: Chelsea has declared that arrangements have been reached for American Todd Boehly to complete his £4.25 billion ownership of the club.
The partnership led by Todd Boehly has agreed to buy Chelsea from Roman Abramovich. Before it can be finalized, the proposed transaction must be authorized by the UK government and the Premier League.
“Terms have been negotiated for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter, and Hansjoerg Wyss, to buy Chelsea Football Club,” the Blues said in a statement.
£2.5 billion of the overall investment will be used to buy the Club’s shares, with the revenues going into a frozen UK bank account with the goal of donating 100 percent to philanthropic organizations, according to Roman Abramovich. The funds will need to be moved from the blocked UK bank account with the permission of the UK government.
The Premier League will convene on June 8 to form the next season, at which point Chelsea will need to have a license to compete in the following season.
Sir Jim Ratcliffe, the biggest shareholder of chemical company Ineos, submitted a late proposal, although it came on April 29, many weeks after the official deadline of March 18.
Ratcliffe’s proposal was rejected, but he stated on May 4 that he “wasn’t giving up.”
On Thursday, Abramovich stated that he has not requested repayment of his £1.5 billion loan to Chelsea when the club is sold.
According to a spokeswoman, Abramovich “remains dedicated” to ensuring that the sale revenues “go to good causes.”