Chelsea confirmed in the early hours of Saturday morning the sale of the club to a consortium led by American billionaire Todd Boyle.
After three months of bidding, vetoing and making checks, the consortium of Todd Boehly, co-owner of the Major League Baseball franchise Los Angeles Dodgers and the NBA franchise Los Angeles Lakers, Boehly’s business partner and co-owner of Los Angeles Dodgers Mark Walter, Swiss billionaire HansGeorg Weiss, has emerged, and British real estate developer Jonathan Goldstein, and investment firm Clearlake Capital, as the club’s new owners.
Chelsea confirmed this in a statement around 2am on Saturday. A statement posted on their website read: “Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehle, Clearlake Capital, Mark Walter and Hansjoerg Weiss, to acquire the club.
“Of the total ongoing investment, £2.5 billion will be applied to purchase shares in the club and this proceeds will be deposited into a UK frozen bank account with the intent to donate 100% to charitable causes as confirmed by Roman Abramovich. UK Government approval will be required to transfer the proceeds from the bank account british frozen
In addition, the proposed new owners will commit £1.75 billion in additional investment to the club. This includes investments in Stamford Bridge, the academy, women’s team and Kingsmeadow, and ongoing funding to the Chelsea Foundation.
The sale is expected to be completed in late May subject to all necessary regulatory approvals. More details will be provided at that time.”
Boley was seen at the club ahead of the Premier League game against Wolverhampton Wanderers and posed for some pictures with fans of his latest sporting possession. However, his takeover of the club is still subject to him passing the Premier League owners and managers test which the club believes would not pose a problem.
The UK government is currently in the process of improving the offer and easing the penalties imposed on the club when it was under Roman Abramovich’s ownership.
Sources close to the successful bid have also claimed that Chelsea will adapt the Fenway Sports Group (FSG) business model to signings and move the business at Liverpool to their own transfer business and sports model.
The Boehly-led consortium will also add Chelsea fans to the board and decision-making process as a way to give fans more power over the club. Danny Finkelstein, a British politician and columnist for The Times, and Barbara Charon, a powerful marketing director in the entertainment industry, are the first Chelsea fans to be nominated for the new board that will be formed when the acquisition is completed in May.
Boehly will also introduce various innovations such as loyalty programmes, stock options and fan codes in order to have more interaction with the club’s fans while giving them the option of investing directly in the club’s success.