Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Soccer-Abramovich completes Chelsea sale to Boehly-Clearlake consortium

World May 30, 2022 02:50PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Soccer Football - Premier League - Chelsea v Watford - Stamford Bridge, London, Britain - May 22, 2022 General view inside the stadium before the match Action Images via Reuters/Tony Obrien

LONDON (Reuters) - Roman Abramovich has completed the sale of Chelsea and related companies to an investment group led by Todd Boehly and Clearlake Capital, the Premier League club said on Monday, ending a three-month process to sell the club.

The consortium, which won the bid to acquire the London side earlier this month, received approval from the Premier League and the British government last week for the sale to go ahead. A final agreement was reached on Saturday.

Russian owner Abramovich put the club up for sale in early March following Russia's invasion of Ukraine, which Moscow calls a "special military operation". Sanctions on Abramovich had also complicated the sale process.

"In selling the club, Mr. Abramovich stipulated that the new owner must be a good steward of the club, the net proceeds of the sale must be donated to charity, and that he would not seek the repayment of loans made to affiliates of the club," Chelsea said in a statement.

The sale also needed the green light from the Portugal government after Abramovich became a citizen of the country last year and is also under European Union sanctions.

The Portuguese government issued a humanitarian waiver last week based on the British government's guarantee that the proceeds of the sale would not benefit Abramovich.

"The club is now no longer subject to the sanctions imposed on Roman Abramovich, an individual who has enabled (Russian president Vladimir) Putin's brutal and barbaric invasion of Ukraine," a British government spokesperson said.

"Chelsea's long-term future is now secured and binding commitments have been received which ensure sanctioned individuals cannot financially benefit from the sale. The government retains control to ensure that this is the case."

Abramovich has denied having close ties to Putin.

'GREAT RELIEF'

British Sports Minister Nigel Huddleston said on Twitter (NYSE:TWTR) https://twitter.com/HuddlestonNigel/status/1531291493079650305 that the completion of the sale would come as a "great relief" for Chelsea fans.

Chelsea had been operating under a special licence issued by the British government since Abramovich's assets were frozen in March and it was set to expire on May 31.

Chelsea said they had received more than 250 enquiries from proposed purchasers, adding that 32 confidentiality agreements had been reached with interested parties.

The club eventually received 12 credible bids which were narrowed down to four before the Boehly-Clearlake consortium was chosen as the preferred bidder. The consortium also includes Swiss business tycoon Hansjoerg Wyss and Mark Walter.

Abramovich bought the club in 2003 for a reported 140 million pounds ($177.21 million), with his investment resulting in the most successful era in their history as they won five Premier League titles, five FA Cups and the Champions League twice.

'WE'RE ALL IN'

The west London club said Boehly and Clearlake would share joint control and equal governance of the club. Boehly, who is part-owner of the Los Angeles Dodgers, will serve as chairman of the holding company.

"We are honoured to become the new custodians of Chelsea Football Club. We're all in -- 100% -- every minute of every match," Boehly said.

"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 completion of the sale allows Chelsea to renew transfer activity and extend contracts with their players, which was prohibited as part of the sanctions imposed.

Chelsea finished third in the recently concluded Premier League season. They lost to Liverpool on penalties in the FA Cup and League Cup finals and were knocked out of the Champions League in the quarter-finals by eventual champions Real Madrid.

($1 = 0.7900 pounds)

Soccer-Abramovich completes Chelsea sale to Boehly-Clearlake consortium
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email