OH MY TODD
Chelsea takeover: Todd Boehly & two billionaires sign agreement to buy Chelsea for £4.25billion, club confirms
Sponsored by
AMERICAN billionaire Todd Boehly and his consortium have signed an agreement to buy Chelsea from Roman Abramovich in a deal reportedly worth around £4.25bn.
Boehly, who part-owns the LA Dodgers, is poised to run the London side despite a last-gasp .
2
2
Boehly and his team, which includes billionaires Mark Walter, Hansjorg Wyss and investment firm Clearlake Capital, still face two more hurdles before they officially take charge.
He was pictured at Stamford Bridge on Friday and will now be put forward for Government and Premier League approval.
It is expected the league will approve the takeover, but only after the completion of an owners’ and directors’ test.
Boehly is on course to complete his takeover by the end of this month, as just over three weeks remain on the club’s current operating licence, which expires on May 31.
READ MORE ON CHELSEA
The consortium has been advised by Goldman Sachs and Robey Warshaw, where former chancellor and Chelsea fan, George Osborne, works as a partner.
In a statement Chelsea said the deal is "expected to complete in late May subject to all necessary regulatory approvals".
The Blues confirmed the consortium's sum of £2.5bn will be deposited into a frozen UK bank account with the intention to donate it to charitable causes as confirmed by Abramovich.
Government approval will be required for the proceeds to be transferred from the account.
Most read in Football
The proposal will now go before the UK government and the Premier League for approval.
In a statement provided to Sky News, Chelsea said: "The sale is expected to complete in late May subject to all necessary regulatory approvals.
"More details will be provided at that time."
Boehly, an American investor and businessman, has a reported net worth of £3.6bn.
He is a part owner of the LA Dodgers baseball team and US women's basketball side the Los Angeles Sparks, and owns a stake in the renowned LA Lakers NBA franchise.
His consortium also includes American PR executive Barbara Charone, British businessman Jonathan Goldstein and Times journalist Daniel Finkelstein.
Boehly's consortium has seen off a late bid from British billionaire Sir Jim Ratcliffe - owner of chemical group Ineos.
Ratcliffe's offer arrived on 29 April, more than a month after the initial deadline for bids of 18 March.
READ MORE SUN STORIES
Read More on The Sun
Other losing bids included a consortium led by Sir Martin Broughton and supported by Lord Coe, and one led and the co-owner of the Boston Celtics, Stephen Pagliuca.
On Thursday, Abramovich said he has not asked for his £1.5bn loan to Chelsea to be repaid when the club is sold.
Topics