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Sunday, July 14, 2024

Chelsea Saga Nears End, Boehly Group Takeover Imminent

Chelsea-FC
Kirby Lee-USA TODAY Sports

Todd Boehly, the lead bidder for Chelsea FC, is reportedly set to sign the first team contract on Friday.

The Telegraph reported that executives are preparing to formally announce Boehly’s consortium as the preferred bidder to the U.K. government after the consortium completed the Premier League Owners’ and Directors’ Test.

In the last two weeks, reports surfaced that outgoing owner Roman Abramovich was asking to be repaid nearly $2 billion in loans he gave to the team as part of its sale, and that he asked bidders for additional money at the last minute. 

The accusations could have complicated the sale and Boehly’s exclusive negotiating period as the U.K. government will not approve the sale unless they’re certain Abramovich will not profit from it.

Abramaovich denied the claims on Thursday.

  • He said the government will freeze the loan after the sale.
  • The Russian oligarch has stated he intends to give the proceeds of the sale to a charitable foundation for “all the victims of the war in Ukraine.”

Boehly’s Bid

Sky News reported that negotiations are in progress regarding conditions designed to protect the club financially, including prohibiting the sale of shares in the club for 10 years, barring the owners from paying dividends or management fees for 10 years, and agreeing to debt-level limits.

Clearlake Capital will hold the majority stake, while Boehly controls the team’s operations. Abramovich has the final say on who buys the club. The team’s special license to operate expires May 31.

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