Billions for the Abramovich club
Chelsea agrees to acquire with investors
The multi-billion dollar sale of the London football club Chelsea is almost complete. The association announces that an acquisition agreement has been reached with a consortium of several billionaires. Due to the sanctions against Abramowitsch, the League and the government have yet to agree.
Chelsea FC have agreed on a multi-billion dollar acquisition with a consortium led by US billionaire Todd Boehly. This was announced by the London football team in a note on their website. Premier League and UK government have yet to approve the sale of the Champions League winners to the US-Swiss group. This is necessary because the assets of the former club owner Roman Abramovich were frozen during the Russian war of aggression in Ukraine. The sale is expected to be officially completed by the end of the month.
The club said investors will transfer £ 2.5 billion (€ 3 billion) to a currently blocked account, from which any further transactions would require UK government approval. “As confirmed by Roman Abramovich”, 100 percent of the proceeds will be donated. The ‘proposed new owners’ have also pledged to invest an additional £ 1.75bn (€ 2bn) directly into Thomas Tuchel’s club, such as Stamford Bridge stadium, academy and the women’s team.
In addition to Boehly and Mark Walter, who are co-owners of the Los Angeles Dodgers baseball club, the consortium also includes Swiss multi-billionaire Hansjörg Wyss. However, it is likely that in the future the largest share of the London club will be held by the US investor Clearlake Capital. The British chemical company Ineos and its boss Jim Ratcliffe probably entered the competition too late with a competing offer.
The financiers around Boehly had been chosen by the New York commercial bank Raine to start the so-called preferential talks with the top English club. Due to the sanctions against Abramovich, Chelsea are not allowed to sign new players or extend their contracts. In addition, stringent financial requirements apply to the club.
Still owner Abramovich had recently denied speculation that he would benefit from the Chelsea sale. The Russian billionaire said through a spokesperson that his intention to donate the proceeds from the sale to charity hasn’t changed.