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Chelsea confirm ‘final agreement’ to sell club to Todd Boehly, with takeover to be finalized on Monday


Chelsea have confirmed they have reached a ‘final and definitive agreement’ to sell the club to Todd Boehly.

In a statement on Saturday morning, the Premier League side said the deal was complete and the takeover “transaction” is expected to take place on Monday.

AFP

The Boehly takeover is set to see Chelsea go big in the transfer market this summer, with a £200m budget boost

It read: “Chelsea Football Club can confirm that a final and binding agreement was reached last night to sell the Club to the Todd Boehly/Clearlake Capital consortium.

“The transaction is expected to close on Monday. The Club will update further at that time.

Earlier this week, the Boehly takeover cleared its final hurdle with an announcement from the Portuguese government.

The British government and the Premier League had already approved the takeover, but final ratification by the Portuguese government was needed for the deal to go through as Abramovich holds a Portuguese passport.

And a statement issued by the European nation on Thursday confirmed: “Portugal has authorized, this Wednesday evening, the sale of Chelsea Football Club.

“The two responsible national authorities – Ministry of Foreign Affairs and Ministry of Finance – have given the green light to the request received on behalf of Roman Abramovich for a humanitarian exemption, allowing the English club to be compromised.

Chelsea confirm ‘final agreement’ to sell club to Todd Boehly, with takeover to be finalized on Monday

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Abramovich decided to sell Chelsea after being sanctioned by the British government for the Russian invasion of Ukraine


“The Portuguese authorization follows the guarantee given by the British authorities that the proceeds of the sale will be used for humanitarian purposes, not directly or indirectly benefiting the owner of the club, which is on the list of sanctions of the Union. The national position has the agreement of the European Commission.

It means the US billionaire is now the de facto owner of the Premier League giants, with his £4.25billion deal to buy Chelsea finalized.

This latest news comes 88 days after Roman Abramovich put the club on the market, with LA Dodgers owner Boehly – who has an estimated net worth of £3.5billion – now set to take the reins at Stamford Bridge.

Abramovich, who took over as owner in 2003, put Chelsea up for sale on March 2, amid Russia’s continued invasion of Ukraine.

The 55-year-old was then sanctioned by the British government on March 10, with Downing Street claiming to have proven his links to Vladimir Putin.

Chelsea confirm ‘final agreement’ to sell club to Todd Boehly, with takeover to be finalized on Monday

Getty

Abramovich was forced to put the club up for sale and the proceeds will benefit Ukrainian victims of the Russian invasion

The Russian-Israeli billionaire has owned Chelsea for 19 years, leading the Blues to 21 trophies and forever changing the face of English football during that time.

The sale of Chelsea required the approval of the British government, the European Union and the Portuguese government due to the sanctions imposed on the Russian-Israeli billionaire Abramovich.

Proceeds from the sale of Chelsea will be frozen in a UK bank account at the end of the sale.

The British government will then have to issue a new license to allow these funds to be diverted to a new charitable foundation, to help victims of the war in Ukraine.

Chelsea confirm ‘final agreement’ to sell club to Todd Boehly, with takeover to be finalized on Monday

Getty

Boehly (centre) attended several Chelsea games towards the end of the season as he agreed a deal to buy the club

Former UNICEF UK chief executive Mike Penrose was tasked with setting up the foundation, which he said could “change the face of humanitarian aid”.

The European Union confirmed its ratification of Chelsea on Wednesday evening, with Financial Services Commissioner Mairead McGuinness posting on social media.

“Following detailed discussions between the European Commission, the UK and Portugal, I am pleased that we have received the necessary assurances that the sale of Chelsea FC is fully in line with European Union sanctions rules,” reads a tweet from McGuinness.

“Profits go entirely to humanitarian purposes in Ukraine.”

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