Roman era ends as Abramovich completes sale of Chelsea to Todd Boehly-led consortium

Chelsea have confirmed that the Todd Bohely-led consortium have purchased the club from Roman Abmrovich. This has brought an end to Abramovich's 19-year-rule of the club in which the West London club won 21 trophies. This also ensures Chelsea are free of UK government sanctions imposed on the club in the back of Russia's War in Ukraine.

REUTERS

Updated May 30, 2022, 21:18 IST

Roman Abramovich's 19-year-old rule of Chelsea has officially come to an end

Roman Abramovich has completed the sale of Chelsea and related companies to an investment group led by Todd Boehly and Clearlake Capital, the Premier League club said on Monday.

The consortium, which won the bid to acquire the London side earlier this month, received approval from the Premier League and the British government last week for the sale to go ahead. A final agreement was reached on Saturday.

Russian owner Abramovich put the club up for sale in early March following Russia's invasion of Ukraine, which Moscow calls a "special military operation". Sanctions on the Russian had also complicated the sale process.

"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," Chelsea said in a statement.

In a separate statement, the club said Boehly and Clearlake would share joint control and equal governance of the club. Boehly, who is part-owner of the Los Angeles Dodgers, will serve as chairman of the holding company.

"We are honoured to become the new custodians of Chelsea Football Club. We're all in -- 100% -- every minute of every match," Boehly said.

"Our vision as owners is clear: we want to make the fans proud. Along with our commitment to developing the youth squad and acquiring the best talent, our plan of action is to invest in the club for the long-term and build on Chelsea's remarkable history of success.

"I personally want to thank ministers and officials in the British government, and the Premier League, for all their work in making this happen."

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