The Abramovich era is officially OVER as Chelsea confirm a ‘final and definitive agreement’ has been reached for Todd Boehly to take over the club… with the £4.25billion deal all set to be completed on Monday
Chelsea have said they expect Todd Boehly’s £4.25billion takeover to go through on Monday after confirming a ‘final and definitive agreement’ had been signed with the consortium led by the American businessman.
The announcement from Chelsea marks the official end to Roman Abramovich’s era and will see the Russian replaced as owner by Boehly and the Clearlake Capital group.
‘Chelsea Football Club can confirm that a final and definitive agreement was entered into last night to sell the Club to the Todd Boehly/Clearlake Capital consortium,’ Chelsea said in a statement.
Chelsea said it expects Todd Boehly’s taekover of the club to go through on Monday
The announcement from Chelsea marks the official end of the Roman Abramovich era
‘It is expected that the transaction will be completed on Monday. The Club will update further at that time.’
The final hurdle in the protracted process was cleared when the Portuguese government authorised Abramovich’s sale of the club earlier this week.
It came after the British government finally approved the takeover.
Abramovich is selling the club in the wake of strict financial sanctions on him from the UK government, following Russia’s invasion of Ukraine.
The latest development will come as huge relief to Chelsea fans, who had been concerned about the club’s future
The UK government stated the 55-year-old has ties to the country’s president Vladimir Putin, and subsequently froze all of his assets, including Chelsea.
The sanctions state Abramovich cannot make any direct or indirect financial gain from the sale, hence the proceeds being used for ‘humanitarian purposes’.
Boehly saw off competition from consortiums fronted by Stephen Pagliuca and Sir Martin Broughton and even a late £4.25bn bid from Britain’s richest man, Sir Jim Ratcliffe.
FULL CHELSEA STATEMENT
Chelsea Football Club can confirm that a final and definitive agreement was entered into last night to sell the Club to the Todd Boehly/Clearlake Capital consortium.
It is expected that the transaction will be completed on Monday.
The Club will update further at that time.
A total of £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 per cent to charitable causes as confirmed by Roman Abramovich’.
‘The other £1.75bn will be spent on ‘further investment for the benefit of the Club’, such as on Stamford Bridge, the academy, the Chelsea women’s team and the continued funding of the Chelsea foundation.’
LA Dodgers part-owner Boehly has a huge in-tray to deal with once the takeover is confirmed, including a potential new stadium, revamping the squad after several key departures and sorting out new contracts for key players.
Blues boss Thomas Tuchel will reportedly be given a war chest of £200million this summer to buy new players.
Chelsea are now poised to be the eighth Premier League club to be under American ownership – with other club chiefs from across the pond enjoying mixed success.
More to follow.