Premier League side Chelsea has confirmed that terms have been agreed for American Todd Boehly to complete his £4.25bn takeovers of the club.
Todd Boehly’s consortium has signed an agreement to purchase Chelsea from Roman Abramovich.
The proposed deal has to be approved by the UK government and the Premier League before it can be completed.
“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,” a statement from the Blues 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.”
The Premier League is meeting on June 8 to constitute the new season, by which time Chelsea would need to have a licence to be part of the next campaign.
Club Statement.
— Chelsea FC (@ChelseaFC) May 7, 2022
The Boehly led group acquired the club from the Russian billionaire Roman Abramovich who bought Chelsea in 2003.
Mr Abramovich was forced to relinquish his ownership of the club following the sanctions imposed by the British Government following the Russian invasion of Ukraine.
