Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Chelsea's £4.25bn takeover completed

Chelsea's £4.25bn takeover completed

Chelsea's £4.25bn sale to a consortium led by American investor Todd Boehly and private equity firm Clearlake Capital has been completed.

The club was put up for sale in March before previous owner Roman Abramovich was sanctioned over his links to Russian president Vladimir Putin.

Chelsea had been operating under a special government licence which would have expired on 31 May.

Boehly said that he was "honoured" and "wanted to make fans proud".

The consortium fought off 11 serious rivals to become the new owners, in a sale process that started on 2 March and comprised more than 250 enquiries.

"We are honoured to become the new custodians of Chelsea Football Club," he said.

"We're all in - 100% - every minute of every match. 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."

The UK government - which said last Wednesday it could issue a licence for the sale of the club - does not want Abramovich to receive any of the proceeds from the sale, which will instead go into a frozen bank account to be donated to charities supporting victims of the war in Ukraine.


Who are Chelsea's new owners?


Several parties expressed an interest, but Chelsea agreed to sell to the Boehly-Clearlake Capital consortium earlier in May, with Californian private equity firm owning a majority of the shares as it makes its first foray into sport.

Boehly, 48, is also a part-owner of seven-time baseball World Series champions the LA Dodgers, US women's basketball team the Los Angeles Sparks and NBA franchise the Los Angeles Lakers.

He has also invested in Bruce Springsteen's song rights, a sports betting firm and restaurant chains.

Other investors include US billionaire Mark Walter, a co-owner of the LA Dodgers with a stake in the Lakers like Boehly, and Swiss billionaire Hansjorg Wyss.


End of an era


Abramovich bought Chelsea for £140m in 2003.

Under his ownership, the club won every major trophy - two Champions Leagues, five Premier Leagues, five FA Cups, two Europa Leagues and three EFL Cups.

In August 2021 they won the Uefa Super Cup and in February their first Club World Cup.

Abramovich has appointed 13 managers and the club has spent more than £2bn in the transfer market under his ownership.

Chelsea's women's team, who became affiliated to Chelsea FC in 2004, have won five Women's Super League titles and four FA Cups under Abramovich.

When an agreement for the sale was reached, he said: "As I hand over Chelsea to its new custodians, I would like to wish them the best of success, both on and off the pitch.

"It has been an honour of a lifetime to be a part of this club - I would like to thank all the club's past and current players, staff, and of course fans for these incredible years."


Chelsea's sale - the key moments


24 February: Russia invades Ukraine

26 February: Abramovich gives "stewardship and care" of club to charitable foundation

2 March: Abramovich says he plans to sell the club

10 March: The UK government sanctions Abramovich

5 May: Abramovich denies he has requested a £1.5bn loan he made to Chelsea is repaid

7 May: Boehly agrees a £4.25bn deal for the club

16 May: Government insider says the deal is close to collapse

24 May: Premier League approves takeover

25 May: Government approves takeover

28 May: Final agreement reached with Boehly-Clearlake Capital consortium

30 May: Sale completed

Newsletter

Related Articles

0:00
0:00
Close
Unelected PM of the UK holds an emergency meeting because a candidate got voted in… which he says is a threat to democracy…
Farmers break through police barriers in Brussels.
Ukraine Arrests Father-Son Duo In Lockbit Cybercrime Bust
US Offers $15 Million For Info On Leaders Of Cybercrime Group Lockbit
Apple warns against drying iPhones with rice
Alexei Navalny: UK sanctions Russian prison chiefs after activist's death
German economy is in 'troubled waters' - ministry
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Tucker Carlson says Boris Johnson wants "a million dollars, in Bitcoin or cash, from Tucker Carlson to talk about Ukraine.
Russia is rebuilding capacity to destabilize European countries, new UK report warns
EU Commission wants anti-drone defenses at Brussels HQ
Von der Leyen’s 2nd-term pitch: More military might, less climate talk
EU Investigates TikTok for Child Safety Concerns
EU Launches Probe Into TikTok Over Child Protection Under Digital Content Law
EU and UK Announce Joint Effort on Migration
Ministers Confirm Proposal to Prohibit Mobile Phone Usage in English Schools
Avdiivka - Symbol Of Ukrainian Resistance Now In Control Of Russian Troops
"Historic Step": Zelensky Signs Security Pact With Germany
"Historic Step": Zelensky Signs Security Pact With Germany
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Tucker Carlson grocery shopping in Russia. This is so interesting.
France and Germany Struggle to Align on European Defense Strategy
‘A lot higher than we expected’: Russian arms production worries Europe’s war planners
Greece Legalizes Same-Sex Marriage and Adoption Rights
Russia "Very Close" To Creating Cancer Vaccines, Says Vladimir Putin
Hungarian Foreign Minister: Europeans will lose Europe, the Union's policy must change drastically
Microsoft says it caught hackers from China, Russia and Iran using its AI tools
US Rejects Putin's Ceasefire Offer in Ukraine
The Dangers of Wildfire Smoke and Self-Protection Strategies
A Londoner has been arrested for expressing his Christian beliefs.
Chinese Women Favor AI Boyfriends Over Humans
Greece must address role in migrant vessel disaster that killed 600: Amnesty
Google pledges 25 million euros to boost AI skills in Europe
Hungarian President Katalin Novák Steps Down Amid Pardon Controversy
Activist crashes Hillary Clinton's speech, calls her a 'war criminal.'
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Trudeau reacts to Putin's mention of Canadian Parliament applauding a former Ukrainian Nazi in his interview with Tucker Carlson.
The Spanish police blocked the farmers protest. So the farmers went out and moved the police car out of the way.
Volodymyr Zelenskiy fires top Ukraine army commander
Tucker Carlson's interview with Vladimir Putin raises EU concerns
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
Russia's Economy Expands by 3.6% Due to Increased Military Spending
Ukraine MPs Vote To Permit Use Of Dead Soldiers' Sperm
German Princess Becomes First Aristocrat To Pose Naked On Playboy Cover
UK’s King Charles III diagnosed with cancer
EU's Ursula von der Leyen Confronts Farmer Protests Amid Land Policy Debates
Distinguishing Between Harmful AI Media and Positive AI-Generated Content: A Crucial Challenge for the EU
Tucker Carlson explains why he interviewed Putin
Dutch farmers are still protesting in the Netherlands against the government, following the World Economic Forum's call for 'owning nothing.'
Hungarian Prime Minister Viktor Orbán stands up for European farmers and says, 'Brussels is suffocating European farmers.
×