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Chelsea takeover: Todd Boehly secures deal to take over Premier League club from Roman Abramovich

A new dawn is coming for Chelsea As a consortium led by American businessman Todd Boehly has signed a deal to buy the club from Roman Abramovich for up to $4.9 billion (up to £4 billion), the club confirmed in a statement on Friday night . The deal now has to be approved by the Premier League and the UK government.

“Chelsea Football Club can confirm that terms have been agreed for a new ownership group led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjörg Wyss to acquire the club,” Chelsea said in a statement.

“Of the total investment made, £2.5bn will be used to purchase the club’s shares and these proceeds will be deposited into a blocked UK bank account with the intention of donating 100% to charity, as confirmed by Roman Abramovich. UK Government approval is required to transfer proceeds from the frozen UK bank account.”

The consortium includes Swiss billionaire Hansjorg Wyss, American businessman Mark Walker and British entrepreneur Jonathan Goldstein. With that, Boehly would add Chelsea to a portfolio that already includes the Los Angeles Dodgers in the MLB, the Los Angeles Lakers in the NBA and the Los Angeles Sparks in the WNBA.

The agreement doesn’t exactly guarantee a sale But it is a binding agreement that Boehly will buy the club. Not to mention the report also notes that the Premier League is expected to give the Boehly-led group the OK once it passes the owners and directors test, a process that has slowed Newcastle United Saudi-led takeover by 18 months. According to CBS Sports’ Ben Jacobs, this time around the league has “gently checked” the listed directors of Boehly’s consortium as they rush against the clock as the club’s current operating license is due to expire on May 31.

The UK government would have to ensure that no funds were sent to Abramovich Thursday released a statement denying it all reports that he would be pursuing the £1.6million loan owed to him, which has likely allayed concerns enough for the sale to go through.

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The Blues have three weeks left on their current operating license to avoid a mass exodus of players. Antonio Rudiger is already set to join Real Madrid and Andreas Christensen is preparing to join Barcelona in the summer after failing to agree on contract extensions. The new owner will try to put the house in order with plans to redevelop the Stamford Bridge area and nothing will be a higher priority than convincing Thomas Tuchel that he should stay on board with the new project.

https://www.cbssports.com/soccer/news/chelsea-takeover-todd-boehly-reaches-purchase-agreement-to-land-premier-league-club-from-roman-abramovich/ Chelsea takeover: Todd Boehly secures deal to take over Premier League club from Roman Abramovich

Justin Scacco

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