Budapest Post

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

Chelsea sale to be completed on Monday

Chelsea sale to be completed on Monday

The Chelsea sale is expected to be completed on Monday after a "final and definitive agreement" was reached with the consortium led by Todd Boehly.

Chelsea won the Premier League five times and the Champions League twice during Abramovich's ownership

The Premier League and UK government have approved the £4.25bn takeover.

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

The club have been operating under a special government licence which expires on 31 May.

"Chelsea Football Club can confirm that a final and definitive agreement was entered into last night to sell the club to the Todd Boehly/Clearlake Capital consortium," Chelsea said in a statement on Saturday.

Abramovich, who bought Chelsea in 2003, said he was "pleased this search has now come to a successful conclusion".

He added: "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."


'Time to deliver'


Although the consortium is led by Boehly, Californian private equity firm Clearlake Capital would own a majority of the shares.

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

It is understood the new owners have "big ambitions" in the transfer market as they seek to close the gap on Manchester City and Liverpool at the top of the Premier League.

On Tuesday the Premier League said the consortium had passed its owners' and directors' test.

On Wednesday the UK government said it had "reached a position where we could issue a licence that permits the sale of Chelsea".

The Chelsea Supporters' Trust said: "The CST has been very encouraged by the interactions we have had with Mr Boehly and his team over recent months, but the hard work starts now.

"It is now time to deliver both on and off the pitch in building a successful, inclusive and forward-thinking club with supporters at the forefront."

Several parties expressed an interest, but Chelsea agreed to sell to the Boehly-led consortium this month.

The government 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 charity.

The government says it is now "satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual" and the proceeds will be used for "humanitarian causes in Ukraine, supporting victims of the war".

Chelsea finished third in the Premier League, lost the Carabao Cup and FA Cup finals to Liverpool on penalties and reached the Champions League quarter-finals.


End of an era


Abramovich bought Chelsea for £140m 19 years ago.

Under his ownership, the club have won every major trophy - two Champions League titles, five Premier Leagues, five FA Cups, two Europa League titles 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 have 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.

"The ownership of this club comes with great responsibility," said Abramovich.

"Since I came to Chelsea nearly 20 years ago, I have witnessed first hand what this club can achieve.

"My goal has been to ensure that the next owner has a mindset that will enable success for the men's and women's team, as well as the will and drive to continue developing other key aspects of the club, such as the academy and the vital work of Chelsea Foundation."


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

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
×