Chelsea Football Club confirms terms for sale to Boehly-led group
Russian billionaire Roman Abramovich put the club up for sale in early March following his country's invasion of Ukraine
The anticipated sale of the Chelsea Football Club has been confirmed and would be the most ever paid for a professional sports team.
The terms of the deal were reached with a consortium led by Los Angeles Dodgers part-owner Todd Boehly and backed by Clearlake Capital.
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The deal has been announced as worth 4.25 billion pounds ($5.2 billion) for the reigning European champions.
A sign on a gate at Stamford Bridge stadium, the home ground of Chelsea Football Club, owned by Russian billionaire Roman Abramovich, in London, U.K., on Wednesday, March, 2, 2022. (Hollie Adams/Bloomberg via Getty Images / Getty Images)
Included is 1.75 billion pounds ($2.2billion) committed to be invested in the stadium and women's team.
Russian billionaire Roman Abramovich, who had owned the team for nearly 20 years, is currently subject to sanctions by the British government and would donate all of the proceeds to charitable causes.
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Abramovich put the club up for sale in early March following his country's invasion of Ukraine.
Chelsea soccer club owner Roman Abramovich attends the UEFA Women's Champions League final soccer match in Gothenburg, Sweden on Sunday, May 16, 2021. (AP Photo/Martin Meissner, File / AP Newsroom)
The proceeds of the sale would be placed in a frozen UK bank account.
The deal is expected to be completed by late May and is still subject to required approvals.
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The price tag tops the $2.4 billion that billionaire hedge-fund manager Steve Cohen paid for the New York Mets in 2020, according to Dealogic’s data and reported by the Wall Street Journal.
Todd Boehly, Co-Founder, Chairman and CEO, Eldridge, speaks during the Milken Institute Global Conference on May 2, 2022 in Beverly Hills, California. (Photo by PATRICK T. FALLON/AFP via Getty Images) ((Photo by PATRICK T. FALLON/AFP via Getty Images) / Getty Images)
The Boehly group, which also includes Swiss billionaire Wyss, were in exclusive negotiations to buy the club after a late bid from British billionaire Jim Ratcliffe was rejected.
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Several groups showed interest in the team including Boston Celtics co-owner Stephen Pagliuca and former British Airways chairman Martin Broughton, as well as a consortium led by Chicago Cubs owners the Ricketts family.
Reuters contributed to this report.