After being sanctioned by the UK government in the wake of Russia’s invasion of Ukraine, Chelsea FC owner Roman Abramovich – who is reported to be a close ally of Vladimir Putin – was forced to sell the club, and on Monday, the Premier League giants finally confirmed the end of Abramovich era.
A consortium fronted by Los Angeles Dodgers’ part-owner Todd Boehly completed the purchase of Chelsea on Monday for 2.5 billion pounds ($3.2 billion) the highest ever for a sports team.
Boehly, who had made his way to the Stamford Bridge during the end of Chelsea’s Premier League 2021-22 games, hogged the limelight in recent weeks, and he was also joined by WWE icon John Cena on the sidelines.
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“We are honored to become the new custodians of Chelsea Football Club,” Boehly said. “We’re all in 100% every minute of every match.”
Consortium led by Todd Boehly and Clearlake Capital completes acquisition of Chelsea Football Club.
— Chelsea FC (@ChelseaFC) May 30, 2022
Chelsea has been operating under a government license since Abramovich’s assets were frozen in March. The Boehly and Clearlake Capital consortium was one of around 250 proposed purchasers, the club said, and that was narrowed down to three final bidders.
“Many described the proposed transaction as unprecedented,” and it was, Chelsea said. “A transaction such as this would normally take nine months to a year to complete; we did it in less than three months.”
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The British government approved the sale last week after ensuring that Abramovich could not profit from it.
Statement from the Board of Directors of Chelsea Football Club Limited.
— Chelsea FC (@ChelseaFC) May 30, 2022
Boehly’s group has pledged to invest an additional 1.75 billion pounds ($2.2 billion) in Chelsea’s men’s and women’s teams and in infrastructure. The consortium also features Dodgers principal owner Mark Walter, Swiss billionaire Hansjorg Wyss, and funding from private equity firm Clearlake.
“We are excited to commit the resources to continue Chelsea’s leading role in English and global football,” said Behdad Eghbali and Jos E. Feliciano, Clearlake’s co-founders.
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The men’s team won 21 trophies during Abramovich’s ownership, including the Champions League in 2012 and 2021, and is the reigning club world champion.
With inputs from PTI
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