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Sunday, June 4, 2023

Chelsea Sale Agreed with LA Lakers Owner Todd Boehley in $7.4bn Deal

Chelsea will be sold to a group led by LA Dodgers part-owner Todd Boehly, the club said today.

The deal must first be approved by the Premier League and the UK government. It is expected to be done by the end of the month.

The deal includes £2.5 billion ($A4.36 billion) to buy Roman Abramovich’s shares in the company. For all of the people who lost their lives in Ukraine’s war, Abramovich has agreed to donate that money to a charity for “all of them.” The process will be overseen by the UK government.

As part of the deal, the new owners have agreed to invest an extra £1.75bn ($A3.05bn) in the club. It said: “This includes investments in Stamford Bridge, the Academy, the Women’s Team, Kings Meadow, and the Chelsea Foundation.”

Clearlake Capital, a US investment firm, is set to be the majority owner of the club. The consortium also includes Swiss billionaire Hansjoerg Wyss and American Mark Walter, who owns the majority stake in the Dodgers and also owns a stake in the LA Lakers, with Boehly and Walter.

British billionaire Sir Jim Ratcliffe and a number of other groups tried to buy the company at the last minute. The group beat them all. Investors like Lewis Hamilton and Serena Williams were also part of the groups.

Abramovich bought Chelsea in 2003 and then went on a huge spending spree. He was a big part of the trend of billionaires investing huge sums of money in football clubs.

Abramovich spent a lot of money on the club, from high transfer fees and wages to a lot of money on the club’s facilities. He was rewarded with spectacular results.

Five Premier League titles and two Champions Leagues were won by the Russian oligarch while he was in charge of the club in West London. He also won two FA Cups, two Europa Leagues, the UEFA Supercup twice, and the League Cup three times during his time in charge.

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