Chelsea gets new prospective owner

London giants, Chelsea, have announced the prospective new owner of the club.

A statement made public on the club’s website on Saturday confirmed the impending takeover from Russian Billionaire, Roman Abramovich by American businessman Todd Boehly.

This isn’t the first time Mr Boehly will be bidding for the 2021 Champions League winner.

He made an attempt in 2019 with a $ 3billion offer that was rejected outrightly by Abramovich.

According to the statement from the club, it 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 be completed before the May 31 deadline, subject to all necessary regulatory approvals. More details will be provided at that time.”

How it started

PREMIUM TIMES had earlier shared the story about the decision of Roman Abramovich to sell the London club in March.

The decision came after the UK government banned Roman Abramovich from entering the country and also froze Chelsea’s accounts due to his relationship with Russia President, Vladimir Putin, which also contributed to the war between Russia and Ukraine three-month ago.

How it was going

The decision of the UK government affected the club in contract extension of players and also daily running of the club.

According to what was published on this new medium in March, “With about 800 people employed by the club and a capital expenditure north of $450 million per annum, it is also in the best interest of the UK government to grant the club a temporary reprieve, despite the sanctions on Mr Abramovich.

Nadine Dorries, the Culture Secretary, revealed the current European and world champions will be granted a “special license to continue to compete in the EPL, and fulfilling their upcoming fixtures and also for the “staff to be paid and existing ticket holders to attend matches”.

Who is the prospective owner?

Mr Boehly is an American businessman, investor, and philanthropist with companies based in the United States of America.

He is the co-founder, chairman, chief executive officer and controlling member of Eldridge Industries, a holding company headquartered in Greenwich, Connecticut.

The American business executive also has businesses in insurance, food production, real estate, technology, and entertainment. As of 2021, he was the interim CEO of the Hollywood Foreign Press Association.

His involvement in Sport

Chelsea isn’t the first club Mr Boehly has invested his money in. He owns 20 per cent of the American baseball club, Los Angeles Dodgers, and is also a part-owner of the Los Angeles Sparks, a basketball club based in California.