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Tom Boehly-led consortium to purchase Chelsea from Roman Abramovich with total investment of £4.25bn

Chelsea football club has been sold to Tom Boehly-led consortium for about £4.25bn. Of the total investment that would be made, £2.5bn will go towards the club's frozen bank account and will be donated to charitable causes. The ownership process will be completed by the end of May, well in time before the new season begins.

TN Sports Desk

Updated May 7, 2022, 06:42 IST

Roman Abramovich era ends at Chelsea

Photo : AP

KEY HIGHLIGHTS

Chelsea FC has accepted a bid of £4.25bn from Tom Boehly-led consortium over the club's takeover.
The development will be completed by the end of May, and it marks the conclusion of Roman Abramovich's era.
The proposal has been submitted to the UK government and the Premier League for approval.

The end of the Roman Abramovich era has arrived at Chelsea Football Club, with a new ownership group led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss winning the bid to take over the ownership of the club. The total investment, at present, is said to be about £4.25bn, of which £2.5bn will go towards the club's frozen bank account and will be donated to charitable causes.

Abramovic's account was frozen by the UK government over his apparent links with Russian president Vladamir Putin amid the ongoing Russia-Ukraine conflict. Abramovich had earlier confirmed his exit from the club, triggering Chelsea's hunt for a new owner.

Chelsea Football Club statement:

"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.

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."

The proposal for the takeover has already been sent to the UK government and the Premier League for approval. It also has to be noted that Chelsea's current operating license expires on May 31.

The Blues got themselves into this mess when Roman Abramovich was sanctioned by the British government following Vladamir Putin's invasion of Ukraine in March.

There were rumours over Abramovic wanting the 1.5 billion pounds worth of loan, that he had paid to Chelsea, to be paid back. However, the Russian business rubbished them.

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