A U.S. consortium led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss has agreed to purchase Chelsea, English Premier League (EPL) club, for £4.25 Billion.
The agreement was after Russian owner, Roman Abramovic was forced by the British government to exit the club following Russia’s invasion of Ukraine. Abramovic, a Russian Oligarch, was accused of having ties with President Vladimir Putin after 19 years of managing the club.
In a statement released by Chelsea on Saturday, the U.S. consortium will pay £2.5 billion to acquire all the club shares. The amount would be donated to charities as previously agreed with Abramovich.
The group will invest £1.75 billion in the club.
“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,” it read.
“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% 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.”
Boehly is a billionaire investor and a businessman estimated to worth £3.6 billion, according to Forbes.
Boehly, 46, has a minority stake in La Lakers, co-owned LA Dodgers and also co-owns Los Angeles sparks, a US women’s basketball team.