American Todd Boehly buys Chelsea from Russian Roman Abramovich

The Club confirmed that the new owner is a consortium led by Todd Boehly, an American billionaire investor and part-owner of the Los Angeles Dodgers. The deal was settled at £4.25billion ($5.2billion), although it is yet to be approved by the UK government and the Premier League. 

Only a few professional sports clubs have ever valued this high as a two-month-long bidding war finally ended. Russian billionaire Roman Abramovich owned the Club for 19 years before putting it up for sale in March due to the controversial bond with Russia's Vladimir Putin. The Club has admitted that an agreement has been made with the rest of the procedure expected to be completed before May. 

According to a statement made by the Club, "Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjorg Wyss, to acquire the Club. Of the total investment, £2.5billion will be applied to purchase the shares in the Club. Such proceeds will be deposited into a frozen UK bank account to donate 100 per cent 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."

 Big plans ahead for Abramovich and the Blues

The oligarch said that he wants to set up a charitable foundation so all net proceeds from the sale of the Club could reach the victims of the war in Ukraine. The new owners might also save "£1.75billion for the future benefit of the Club. The list of potential investments includes Stamford Bridge, the Women's Team and Kingsmeadow, the Academy, and consistent funding for the Chelsea Foundation. Additionally, Todd Boehly owns a stake in the Los Angeles Lakers, the NBA's beloved franchise. The Boehly consortium has reportedly agreed to clauses that block the payment of dividends or management fees until 2032, including the sale of any Chelsea shares for ten years.

Meanwhile, Abramovich revealed that he is interested in writing off Chelsea's £1.5billion debt to him when the Club's sale is complete. However, it cannot be written off under Abramovich's sanctions, so that it might get frozen on completion of the sale. The Club has to be sold by May 31 deadline, when the Government's temporary licence for Chelsea expires. The licence exempts the Club from striking new contracts with existing players or hiring recruits. 

Chelsea manager Thomas Tuchel revealed that he is "confident" about the Blues closing in on a sale of the Club. "I've been told that we have a preferred bidder, and things are going forward. This is what we're hoping for; we know what we deal with, what the circumstances are in improving the team, and that we can act, rather than react, or even worse, do nothing," said Tuchel.