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Wednesday, July 17, 2024
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Chelsea Set to Begin New Era Under Todd Boehly

  • Chelsea FC is set to be sold to a consortium led by Los Angeles Dodgers, Lakers and Sparks co-owner Todd Boehly.
  • The U.K. government is finalizing details to complete the deal.
Chelsea-FC
Chelsea FC

Chelsea FC is set to begin a new chapter in its history with the imminent closing of its sale to the group led by Todd Boehly.

The $5.3 billion transaction was finalized with the U.K. signing off on the deal. The British government received assurances that former owner Roman Abramovich will not receive any money from the sale. 

The Premier League approved the deal on Tuesday.

The U.K. sanctioned Abramovich for his connections to Vladimir Putin following Russia’s invasion of Ukraine.

  • The money will be held in a frozen bank account controlled by the British government. 
  • Portuguese officials will need to approve the sale, because Abramovich holds a Portuguese passport.
  • There was some urgency to complete the sale, as a special license allowing the club to operate expires on May 31. The club has been unable to make player transactions or negotiate contracts under its current license.

Clearlake’s Role

While Boehly will be the controlling owner of the club and Swiss billionaire Hansjörg Wyss will be a part-owner, neither will have a majority stake in the club. 

That distinction belongs to private equity firm Clearlake Capital, which is putting up 60% of the funds for the $3.1 billion purchase of the team itself and $2.2 billion in commitments to the team and renovations to its Stamford Bridge stadium. 

The Santa Monica-based firm’s co-founders attempted to buy 40% of the Washington Commanders in 2020, but were blocked by team owner Dan Snyder.

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