Billions for Abramovich club
Chelsea agrees to takeover with investors
05/07/2022 02:04 am
The multi-billion dollar sale of London football club Chelsea is almost complete. The association announces that a takeover agreement has been reached with a consortium of several billionaires. Because of the sanctions against Abramowitsch, the league and government still have to agree.
Chelsea FC has agreed on a multi-billion dollar takeover with a consortium led by US billionaire Todd Boehly. That gave the London football club in a statement on its website famous. The Premier League and UK government have yet to approve the sale of the Champions League winners to the American-Swiss group. This is necessary because the assets of the previous club owner Roman Abramovich have been frozen in the course of the Russian war of aggression in Ukraine. The sale is expected to be officially completed by the end of the month.
The club said the investors would transfer £2.5 billion (€3 billion) into a currently frozen account, from which any further transaction would require UK government approval. “As confirmed by Roman Abramovich”, 100% of the proceeds are to be donated. The “proposed new owners” have also committed to investing a further £1.75 billion (€2 billion) directly in the club coached by Thomas Tuchel – for example in the Stamford Bridge stadium, the academy and the women’s team.
In addition to Boehly and Mark Walter, who are co-owners of the Los Angeles Dodgers baseball club, the consortium also includes the Swiss multi-billionaire Hansjörg Wyss. However, the largest stake in the London club is likely to be held by US investor Clearlake Capital in the future. The British chemical company Ineos and its boss Jim Ratcliffe probably entered the competition too late with a competing offer.
The financiers around Boehly had been chosen by the New York commercial bank Raine to enter into so-called preferential talks with the top English club. Because of the sanctions against Abramovich, Chelsea are currently not allowed to sign any new players or extend contracts. In addition, strict financial requirements apply to the club.
Still owner Abramovich had recently denied speculation that he would benefit from the sale of Chelsea. The Russian billionaire said through a spokesman that the intention to donate the proceeds from the sale to charity has not changed.