Chelsea have issued a statement confirming that terms have been agreed for Todd Boehly and his consortium to complete a £3.5billion takeover of the club.
Chelsea issued a statement in the early hours of Saturday morning to confirm the news. They say the sale will be completed later in May “subject to all necessary regulatory approvals”.
Boehly had been confirmed as the preferred bidder by the Raine Group, who are overseeing the sale. However he still faced competition from rival bidders.
Consortiums fronted by Stephen Pagliuca and Sir Martin Broughton were in the hunt. Ineos Grenadiers owner and Britain’s richest man Sir Jim Ratcliffe also made a late £4.25bn bid.
However it is Boehly and his consortium that wins the day. Fellow Dodgers owner Mark Walter, Swiss billionaire Hansjorg Wyss as well as investment firm Clearlake Capital make up the consortium.
The news will come as a huge relief to Chelsea supporters.
The future of the club has been a great cause for concern after Roman Abramovich was hit with sanctions following Russia’s invasion of Ukraine.
There were also concerns Abramovich could renege on his promise to write off a £1.6bn loan that was owed to him. That would have thrown any sale in to jeopardy.
Thankfully for all concerned with Chelsea that did not happen and the sale has been agreed.
The Blues have issued the following statement to outline the big breaking news.
“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 per cent 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 complete in late May subject to all necessary regulatory approvals. More details will be provided at that time.”