Finally, Todd Boehly’s group finalized the purchase of Chelsea, succeeding Roman Abramovich as the club’s owner.
Thank you for reading this post, don't forget to subscribe!Chelsea, on the other hand, declared in April that Boehly’s consortium was their preferred takeover bidder, with Stephen Pagliuca and Sir Martin Broughton’s parties missing out.
Sir Jim Ratcliffe made a last-minute bid, which was turned down because it did not follow the selling procedure, bypassing Raine Group and going straight to Chelsea.
Chelsea has been formally announced as the new owners, with Boehly’s group topping out the competition in a £4.25 billion transaction.
The consortium passed the Premier League Owners’ and Directors’ Test, and the UK Government authorized the acquisition of Chelsea, which was confirmed by the Blues in an official statement.
“Roman Abramovich has finalised the sale of Chelsea Football Club and affiliated entities to a consortium led by Todd Boehly and Clearlake Capital,” they stated.
Mr. Abramovich revealed his decision to sell the Club after 19 years of successful ownership on March 2nd, kicking off the selling process. Mr. Abramovich stated in his sale of the Club that the new owner must be a good steward of the Club, that the net revenues of the transaction must be donated to charity, and that he would not pursue repayment of Club affiliate loans.
“As soon as this news was made, the Club’s Board of Directors and top personnel got to work on the selling transaction.” Raine, a worldwide merchant bank chosen by the owner to handle the transaction, has extensive experience advising premium sports clubs on mergers and acquisitions, and helped both the owner and the Club throughout the process.”
The sale had previously been thrown into doubt due to Abramovich’s lack of promises about where the proceeds of the transaction would go, with the UK government wanting to ensure that the Russian-born would not profit.
Ministers approved the transaction, and Boehly will now oversee the Blues for at least 10 years after Chelsea included a provision guaranteeing ownership until 2032.
Chelsea may again sell products, tickets, and participate in transfer discussions again, after the club’s limitations have been lifted.
