The 19-year tenure of Roman Abramovich as Chelsea Football Club owner has officially concluded, with the consortium led by American businessman Todd Boehly completing the £4.25 billion acquisition. This landmark deal was finalized after months of negotiation, securing governmental approval on a Wednesday morning after the UK government received firm legal guarantees that Abramovich, whose UK assets are frozen following Russia’s invasion of Ukraine, would not personally benefit from the sale proceeds.
The money generated from the sale has been frozen in a UK bank account, awaiting further assurances that the funds will be directed solely to support humanitarian causes in Ukraine. Abramovich, who purchased the club in 2003, announced his decision to sell on March 2, just a week after the invasion began on February 24.
Boehly, the co-owner of the Los Angeles Dodgers, now assumes the role of controlling owner, although the California investment firm Clearlake Capital holds the majority shareholding. The new structure dictates that Boehly and Clearlake will share joint control and equal governance, with Boehly serving as the chairman of the holding company.
The new ownership group immediately set out a clear long-term vision in a statement: “We are honoured to become the new custodians of Chelsea Football Club. We’re all in – 100 per cent – every minute of every match.” Boehly emphasized that their plan is to make the fans proud and invest significantly to build upon the club’s successful history. Their commitment includes investing £1.75 billion into key areas such as the redevelopment of Stamford Bridge, and further enhancement of the academy, the women’s team, and the Kingsmeadow stadium, while continuing to fund the Chelsea Foundation.
The completion of the transaction, which involved evaluating over 250 initial inquiries and 12 credible bids, was a major relief for the club. Sports Minister Nigel Huddleston confirmed that the takeover means Chelsea is “no longer subject to the sanctions imposed on Roman Abramovich, and can look ahead to a secure long-term future,” a necessary step as the sanctions had severely restricted the club’s operations, including its ability to sign or sell players and offer new contracts. Boehly also offered his personal thanks to the British government and the Premier League for facilitating the complex transaction.
The sale of @ChelseaFC has now been completed – a great relief to Chelsea fans around the country and indeed the world.
— Nigel Huddleston MP (@HuddlestonNigel) May 30, 2022
The takeover means that the club is no longer subject to the sanctions imposed on Roman Abramovich, and can look ahead to a secure long-term future. 1/2 https://t.co/HvX0nAqgLt
