Chelsea FC has reached an agreement with a group led by Todd Boehly to acquire the club

Chelsea announced in a statement that the club has been sold to a group headed by American investor Todd Boehly.

The agreement is valued at more than $5.24 billion in total, with little over $3 billion spent to purchase the club and another $2.2 billion committed to future renovations at Stamford Bridge, the academy, the women’s squad, and other parts of the club.

Todd Boehly

Boehly is a part-owner of the Los Angeles Dodgers and the leader of a group (which also includes Clearlake Capital, Mark Walter, and Hansjoerg Wyss) that has been the frontrunners to acquire the west London club from day one.

If the agreement is finalized as anticipated, Chelsea would become the ninth Premier League side to have full or partly American ownership. Given that the UK government and Premier League must yet accept and certify the transaction, Chelsea will not be sold until late May.

However, the Roman Abramovich era at Stamford Bridge is coming to an end, after the UK government pushed the Russian oligarch to sell the club as part of comprehensive penalties imposed in response to his close ties with Russian President Vladimir Putin.

Statement on Chelsea’s sale

So, Boehly’s group has won the months-long struggle between dozens of consortiums and individuals to purchase Chelsea.

The complete statement from Chelsea is below, as they seek to close this agreement as quickly as possible in order to get a new operating license from the UK government and secure the club’s future.

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.

Chelsea FC Statement

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