Official: Chelsea set to complete takeover in late May
Chelsea have announced in a Club statement that they expect a takeover of the club to be completed by late May, with a consortium led by Todd Boehly set to acquire the Blues.
The club have been left in limbo since Roman Abramovich was sanctioned by the British government in March, but seem to have finally found a solution to suit all parties. Boehly, who also co-owns the LA Dodgers baseball team, had seemingly been the frontrunning bid for sometime, and the club have now announced that it is this bid that is set to succeed.
The takeover is thought to be worth £4.25bn, will make Chelsea the most expensive sports club in history, eclipsing the £2.5bn that was paid by Joseph Tsai to takeover the Brookyln Jets in the NBA in 2019.
What have Chelsea 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’, the Blues revealed.
‘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.’
It is good news for Chelsea, not only because their ownership search is complete, but also due to the commitment to continue investing large sums of money into the club, though specifically it does not mention funding for playing staff.
Whether this is simply an oversight, or a sign thatthe club will have to operate in a different fashion, will be something made clear only in the coming years.
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