Chelsea Football Club has confirmed that the £4.25bn Todd Boehly-led takeover will be completed today, Monday.
Investors King recalls that the English Premier League approved the official takeover of Chelsea Football Club at the rate of $5.33bn. The sale will put an end to Roman Abramovich’s almost 20-year tenure as the owner of the London club.
A statement from the club on Saturday said: “Chelsea Football Club can confirm that a final and definitive agreement was entered into last night to sell the club to the Todd Boehly/Clearlake Capital consortium. “It is expected that the transaction will be completed on Monday. The club will update further at that time.”
After Chelsea was put up for sale on 2 March, the Boehly-led bid secured a £4.25bn deal following a two-month-long process, largely financed by US private equity firm Clearlake Capital.
This is coming after the Roman Abramovich said in a farewell statement on the Chelsea website that “It has been an honour of a lifetime to be a part of this club – I would like to thank all the club’s past and current players, staff, and of course fans for these incredible years.
“My goal has been to ensure that the next owner has a mindset that will enable success for the men’s and women’s team, as well as the will and drive to continue developing other key aspects of the club, such as the academy and the vital work of Chelsea Foundation.”
He added that he is pleased that the search has now come to a successful conclusion. “As I hand over Chelsea to its new custodians, I would like to wish them the best of success, both on and off the pitch,” the Russian billionaire said.
The United Kingdom government said in a statement that it had “reached a position where it could issue a licence that permits the sale” of the club.
Culture Secretary, Nadine Dorries said, “We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals.”
Meanwhile, a media outfit had reported that the terms of the takeover would prevent Mr. Boehly and his fellow investors from paying dividends or taking management fees for a decade.
Also, the new owners will be prohibited from selling any shares in the club for 10 years, as well as agreeing to strict limits on the level of debt that they can take on. C
