Chelsea has been purchased for £2.5 billion by a Todd Boehly-led group
After former owner Roman Abramovich was sanctioned by the UK government, Chelsea FC announced that arrangements had been negotiated with a new ownership group to purchase the Premier League giants.
On Saturday, the club announced this in an official statement on its website. The club would be purchased by a “new ownership group” led by Todd Boehly, according to the report.
The club’s shares will be purchased for £2.5 billion, with the revenues going to charity and £1.75 billion for the club’s “benefit,” according to the announcement.
They said: “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.
“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.”
The club was purchased by the Boehly-led company from Russian billionaire Roman Abramovich, who bought Chelsea in 2003.
Following British government sanctions implemented in response to Russia’s invasion of Ukraine, Mr Abramovich was compelled to cede his ownership of the club.