By jesse
07:07, 7 MAY 2022
Chelsea have confirmed that Todd Boehly’s consortium have reached an agreement to acquire the club from Roman Abramovich. However, the proposed deal must be approved by the UK government and the Premier League before it can be completed.
Boehly’s bid fought off competition from Sir Jim Ratcliffe and other parties headed by Stephen Pagliuca and Sir Martin Broughton respectively to secure the purchase of the west London club . The Sale is expected to go through by the end of May, almost three months after Abramovich put the Blues up for sale in the wake of sanctions placed upon him by the government after Russia’s invasion of Ukraine.
A statement on the club’s website confirmed the details and timeline of the successful bid.
READ MORE: Chelsea sale: What Roman Abramovich's statement means now for Todd Boehly and Clearlake Capital
“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% 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.”
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Chelsea sale: Todd Boehly's consortium reaches agreement to buy the club from Roman Abramovich