By THEWILL -May 7, 2022
May 07, (THEWILL) – Todd Boehly’s consortium will complete their takeover of Chelsea by the end of May, according to the Stamford Bridge club.center>
The Blues have been looking for a new owner since Roman Abramovich was sanctioned in March, and have been operating under a special government licence since then, which is set to expire at the end of this month.
However, as THEWILL reported, Boehly’s consortium signed a purchase agreement earlier to finalise the acquisition, and Chelsea confirmed this in an early Saturday statement.
“Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the Club,” a statement read.
“Of the total investment being made, £2.5bn will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100% to charitable causes as confirmed by Roman Abramovich. UK Government approval will be required for the proceeds to be transferred from the frozen UK bank account.
“In addition, the proposed new owners will commit £1.75bn in further investment for the benefit of the Club. This includes investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation.
“The sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time.”
While the transaction is not yet complete, the signing of the purchase agreement is considered the most important step in the process thus far. It is essentially a commitment that transfers the seller’s shares to the buyer with a deadline for completion.center>
With this “most significant step” completed, the process can go forward with the Premier League approvals and Government licence applications and amendments. These are unlikely to present any additional challenges or issues.