Chelsea Soccer Club Bought By Todd Boehly-Led Group For $5 Billion, Ending Abramovich Connection

deadline.com:

The future of Chelsea Soccer Club looks assured, with the London Club announcing its new owners today.Following the freezing of the assets of former owner, Russian oligarch Roman Abramovich, on his country’s invasion of Ukraine, the Club has been sold to a consortium led by Todd Boehly in a deal worth £4.25billion ($5.24bn).A statement issued by the club today confirmed:“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, £2.5 billion ($3.08bn) 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.”The Club added that, as part of the deal expected to be completed by the end of this month, the proposed new owners will commit a further £1.75bn ($2.16bn) “for the benefit of the Club,” reported to include investment in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow, as well as the Chelsea Foundation.Abramovich’s ownership of the high-profile London soccer side dates back to 2003, since when he has ploughed huge amounts of money into the Club, and seen the rewards of 19 major league trophies, including the Champions League in 2021.Todd Boehley is the owner of holding company Eldridge, which also owns MRC (which operates a publishing joint venture with Deadline’s parent company Penske Media Company) and Dick Clark Productions, producers of the Golden Globes.