US Billionaire Todd Boehly Agrees £4.25b Purchase Of Chelsea
United States billionaire Todd Boehly has agreed terms for the purchase of Chelsea Football Club for £4.25b.
Outgoing owner Roman Abramovich put the club up for sale back in March for alleged links to Russia president Vladimir Putin, who is leading an invasion of Ukraine.
Abramovich had his assets frozen by the UK government and Chelsea have been operating under a special license ever since, making them unable to offer new contracts to players and make moves in the transfer market.
Chelsea received several bids, including a higher offer from British billionaire Sir Jim Ratcliffe but Boehly has had his bid accepted.
A club statement from the European champions read: "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."