Chelsea have officially announced that the Todd Boehly-led consortium have completed a £4.25bn takeover of the London club.
The club made the announcement in a statement released on their official website on Monday.
The takeover brings to an end Roman Abramovich’s 19-year ownership of the club.
The statement read:”Roman Abramovich has completed the sale of Chelsea Football Club and related companies to an investment group led by Todd Boehly and Clearlake Capital.
“This sale process commenced on 2 March, when Mr. Abramovich announced his intention to sell the Club after 19 successful years of ownership.
“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.
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“Following this announcement, the Board of Directors and senior staff at the Club immediately commenced work on the sale transaction. Raine, a global merchant bank chosen by the owner to run the sale process, has significant expertise and experience advising premium sports clubs on mergers and acquisitions and advised the owner and the Club in the process.“
According to the new owners, they are “committed to investing in key areas that will extend and enhance Chelsea’s competitiveness, including the redevelopment of Stamford Bridge, further investment in the academy, the women’s team and Kingsmeadow stadium,” adding they will “continue the important work of the Chelsea Foundation”.
After months of negotiations, the deal was finally approved on Wednesday morning when the government received legal guarantees that Roman Abramovich – who has had his UK assets frozen – would not benefit from the sale.
The proceeds from the sale will be frozen in a UK bank account until the government has received further assurances that the money will solely go to support humanitarian causes in Ukraine.
Boehly set out his consortium’s vision in a statement on Chelsea’s website, saying: “We are honoured to become the new custodians of Chelsea Football Club. We’re all in – 100 per cent – every minute of every match.
“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.”
Boehly added: “I personally want to thank ministers and officials in the British government, and the Premier League, for all their work in making this happen.”
Abramovich put Chelsea, which he purchased in 2003, up for sale on March 2, a week after Vladimir Putin’s invasion of Ukraine on February 24.
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