Team Says It Will Acquire American-led Group Chelsea FC

Premier League football team Chelsea, which went on sale days before the British government sanctioned its Russian owner for ties to the Kremlin, will be sold for more than $3 billion to a group led by an American billionaire. the highest amount paid for a sports team.

Set announced On Friday night, terms were reached to sell the team to a new ownership group headed by Todd Boehly, who has made billions in finance and investments and is a partial owner of the Los Angeles Dodgers. The group also includes investment firm Clearlake Capital; Mark Walter, the controlling owner of the Dodgers; and Swiss billionaire Hansjoerg Wyss.

For almost two decades, Chelsea has been owned by Russian oil oligarch Roman Abramovich, who has pumped billions into the team and transformed it from a Premier League club into one of the best teams in the world. Champions League title with players like John Terry, Didier Drogba and N’Golo Kanté.

After the Russian invasion of Ukraine, as the scrutiny over the Russian oligarchs intensified, Abramovich announced he would sell the club, but before he could Assets including Chelsea frozen by British government. Chelsea were given a waiver by the government to continue operating more or less normally, but the British government said Abramovich would not benefit from any sale of the club.

The team’s statement approving the sale said that the sale is expected to be completed by the end of May and is still subject to “all necessary regulatory approvals”, a line often skipped but could have huge ramifications here.

According to a statement from Chelsea, Abramovich said the proceeds from the sale are £2.5 billion, or just over $3 billion – will go to a charity to support war victims in Ukraine.

But how this will actually work, whether the beneficiaries will include the Russians, or how British officials will make sure that none of the money will flow to Abramovich has not been disclosed. Funds from the sale will be deposited into an account frozen by the government.

It’s also unclear whether Chelsea’s top executives, hired by Abramovich and largely left to manage the club, will remain in their place.

The 48-year-old Boehly made his fortune in investment banking and venture capital and eventually founded Eldridge Industries in 2015 to control his portfolio. Boehly has substantial minority stakes in the Dodgers, Los Angeles Lakers and Los Angeles Sparks, but Chelsea will be the first sports team he leads.

In addition to the $3 billion the new ownership group has paid for Chelsea, the club will invest more than $2 billion in the club, including its stadiums, youth academy, women’s team and foundation, according to the statement announcing the sale.

The Boehly-led group was selected as the preferred bidder by Chelsea last week after a short and frenzied selling process. British billionaire Jim Ratcliffe made a late bid for the teamand Boston Celtics owner Steve Pagliuca and Philadelphia 76ers and New Jersey Devils owners Josh Harris and David Blitzer also tried to buy Chelsea.