Todd Boehly’s consortium has completed a £4.25 billion take over of Chelsea football club, succeeding Roman Abramovich as owners of the club.
Chelsea announced their preferred bidder to take over was Boehly’s consortium back in April, with Stephen Pagliuca and Sir Martin Broughton’s groups missing out.
Sir Jim Ratcliffe made an 11th-hour bid, which was rejected after not following the sale process, bypassing Raine Group and being submitted directly to Chelsea.
Boehly’s consortium has officially been confirmed as the new owners of Chelsea, beating off the competition to complete a deal worth £4.25 billion.
The group were confirmed to have passed the Premier League Owners’ and Directors’ Test and the UK Government approved the takeover of Chelsea, with the Blues confirming the deal in an official announcement.
Official. Chelsea confirm Clearlake-Boehly are now in control of the club. ???????? #CFC
“Roman Abramovich has completed the sale of Chelsea Football Club and related companies to an investment group led by Todd Boehly and the Clearlake Capital”, club statement confirms.
— Fabrizio Romano (@FabrizioRomano) May 30, 2022
They wrote: “Roman Abramovich has completed the sale of Chelsea Football Club and related companies to an investment group led by Todd Boehly and Clearlake Capital.
“This sale process commenced on 2 March, when Mr Abramovich announced his intention to sell the Club after 19 successful years of ownership. In selling the Club, Mr Abramovich stipulated that the new owner must be a good steward of the Club, the net proceeds of the sale must be donated to charity and that he would not seek the repayment of loans made to affiliates of the Club.
“Following this announcement, the Board of Directors and senior staff at the Club immediately commenced work on the sale transaction. Raine, a global merchant bank chosen by the owner to run the sale process, has significant expertise and experience advising premium sports clubs on mergers and acquisitions and advised the owner and the Club in the process.”
