Home » Billionaire Todd Boehly-Led Group Completes $5.4 Billion Purchase Of Chelsea F.C.

Billionaire Todd Boehly-Led Group Completes $5.4 Billion Purchase Of Chelsea F.C.

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The $5.4 billion sale of Chelsea F.C. from Russian billionaire Roman Abromovich to a consortium led by American billionaire Todd Boehly has been accomplished, the membership announced Monday, ending months of uncertainty after Abromovich mentioned he would promote the crew after the Russian invasion of Ukraine.

Key Information

It’s the highest-priced sports activities crew acquisition in historical past, beating out the $3.3 billion paid by Chinese language billionaire Joseph Tsai in 2019 for the Brooklyn Nets and working rights to the Barclays Middle.

Abramovich–who was sanctioned by the U.Ok. over his ties to the Kremlin–won’t revenue from the sale, with the proceeds to be donated to humanitarian causes in Ukraine, the British authorities mentioned.

Boehly joined up with Clearlake Capital Group, Swiss Billionaire Hansjörg Wyss and American billionaire Mark Walter–who co-owns the Los Angeles Dodgers, the Los Angeles Lakers, and the Los Angeles Sparks with Boehly–and others to make the successful bid.

Boehly and Clearlake will share joint management of Chelsea F.C., in line with the membership.

Key Background

Abramovich misplaced management of Chelsea after the U.Ok. authorities froze his belongings amid a marketing campaign to punish Russia and oligarchs linked to the Kremlin over the invasion of Ukraine. Chelsea F.C. would be the most high-profile asset sanctioned by a authorities over the battle in Ukraine. Till Monday, the crew had been working underneath a particular authorities license that was as a result of expire Tuesday, and the sale was beforehand authorised by the English Premier League and the U.Ok. authorities. Boehly, who has a fortune estimated at $4.5 billion by Forbes through wide-ranging investments together with Bruce Springsteen’s music rights and sports-betting agency DraftKings, beat out bids from British billionaire Jim Ratcliffe and Stephen Pagliuca, Bain Capital co-chair and part-owner of the Boston Celtics.

Additional Studying

Billionaire Boehly’s Group Will get Chelsea FC From Abramovich—With U.Ok. Authorities Approval (Forbes)

Boehly-Led Group Strikes Deal To Purchase Chelsea F.C. (Forbes)

The World’s Most Useful Soccer Groups 2022: Actual Madrid, Value $5.1 Billion, Again On High (Forbes)

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