A $5.2 billion deal with the LA Dodgers co-owner will end Abramovich’s ownership, subject to approval by the EPL and the UK government.
Chelsea Football Club has confirmed terms have been agreed with a consortium led by Los Angeles Dodgers co-owner Todd Boehly and backed by Clearlake Capital to acquire the English Premier League side.
The Stamford Bridge-based company announced the £4.25 billion ($5.2 billion) deal for the reigning European champions in a statement released in the early hours of Saturday, subject to receiving approvals required.
“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,” the statement read.
“The sale is expected to be finalized at the end of May subject to all necessary regulatory approvals. More details will be provided at that time. »
Chelsea said the new owners would pay 2.5 billion pounds ($3.1 billion) to buy shares while committing a further 1.75 billion pounds ($2.2 billion) to invest in the stadium, the women’s team, the academy and the Chelsea Foundation.
The statement confirmed that all profits would be placed in a frozen UK bank account and that Russian owner Roman Abramovich, who is currently under sanctions by the UK government, would donate all profits to charitable causes.
The announcement comes with just over three weeks remaining on the club’s current operating licence, which expires on May 31.
Abramovich put the club up for sale in early March after his country invaded Ukraine.
He paved the way for the takeover on Thursday after rejecting reports he wanted a loan to the club worth 1.5 billion pounds ($1.9 billion) repaid .
Boehly is a co-owner of the Los Angeles Dodgers MLB franchise and he also owns minority stakes in the NBA’s Los Angeles Lakers and the WNBA’s Los Angeles Sparks.
Boehly Group, which also includes Swiss billionaire Wyss, was in exclusive negotiations to buy the club after a late bid from British billionaire Jim Ratcliffe was rejected.
Groups led by Boston Celtics co-owner Stephen Pagliuca and former British Airways chairman Martin Broughton were previously eliminated from the bidding process, while a consortium led by Chicago Cubs owners , the Ricketts family, withdrew from the race.
The sale of the European champions ends 19 successful years under Abramovich, 55, who oversaw five Premier League titles and two Champions League triumphs.
After initially embarking on a long winning streak following Abramovich’s decision to sell the club, Chelsea have struggled to find their best form of late.
They suffered a painful Champions League quarter-final loss to Real Madrid after nearly pulling off an epic comeback from a 3-1 first-leg deficit.
Chelsea’s place in the Premier League top four is also far from guaranteed.