Chelsea and Todd Boehly’s Clearlake Capital consortium have reached a “definitive agreement” to sell the club. The club also stated in a statement that the takeover might be completed by MONDAY. Chelsea Football Club can report that a final and binding agreement to sell the club to the Todd Boehly/Clearlake Capital group was reached last night.
“On Monday, the transaction is likely to be finalized. At that time, the Club will provide additional information.”
The takeover of Chelsea by Boehly for £4.25 billion was authorized by the UK Government on Wednesday, bringing the deal one step closer. And the government has been persuaded that none of the revenues from the sale of the club would go to Roman Abramovich, the sanctioned former owner.
Boehly, 46, a co-owner of the Los Angeles Dodgers, had already passed the Premier League’s owner and directors test.
“The Board has applied the Premier League’s Owners’ and Directors’ Test (OADT) to all prospective Directors, and completed the essential due diligence,” a Premier League official said.
“The Consortium buying the club is made up of Clearlake Capital Group, L.P. affiliates Todd Boehly, Hansjorg Wyss, and Mark Walter.
“Chelsea FC will now engage with the relevant governments to gain the required licenses to complete the takeover,” says the statement. “The purchase remains subject to the Government issuing the needed sale license and the satisfactory completion of the final steps of the deal,” according to the Prem statement.
Chelsea must complete the deal by May 31 in order for the FA to recommend them for a spot in the Champions League next season. It will put an end to Abramovich’s five-year rule at Chelsea, which saw the club win two Champions League trophies and five league titles.
After the UK government imposed strict financial sanctions on him, the Russian was left with no choice except to sell the club. Because of Abramovich’s ties to Russian President Vladimir Putin, the UK authorities froze all of his assets, including Chelsea.
As a result, Boehly beat out consortiums led by Stephen Pagliuca and Sir Martin Broughton, as well as a late £4.25 billion bid from Sir Jim Ratcliffe, Britain’s richest man. A total of £2.5 billion will “be applied to the acquisition of the Club’s shares, with such revenues being transferred into a frozen UK bank account with the goal of donating 100% to philanthropic organizations, as confirmed by Roman Abramovich.”
The remaining £1.75 billion will be spent on “additional investment for the Club’s benefit.” This comprises the Stamford Bridge stadium, the Chelsea Academy, the Chelsea Women’s Team, and the Chelsea Foundation’s continuous support.
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