The Chelsea Premier League football team, which was put up for sale days before the British government imposed sanctions on its Russian owner over its ties to the Kremlin, is expected to be sold to a group led by a US billionaire for more than $ 3 billion. the highest amount ever paid for a sports team.
The team announced on Friday night that conditions have been reached for the sale of the team to a new group of owners, led by Todd Boelli, an American who made billions through finance and investment and is part of the Los Angeles Dodgers. The group also includes the investment company Clearlake Capital; Mark Walter, controlling owner of the Dodgers; and Swiss billionaire Hansjörg Vis.
For nearly two decades, Chelsea has been owned by Roman Abramovich, a Russian oil oligarch who invested billions of dollars in the team to turn it from a Premier League club in the middle of the table into one of the best teams in the world, winning several Premiers League and Champions League titles with players such as John Terry, Didier Drogba and N’Golo Kante.
Following Russia’s invasion of Ukraine as control over Russian oligarchs tightened, Abramovich announced he would sell the club, but before he could do so, its assets, including Chelsea, were frozen by the British government. The government allowed Chelsea to continue to operate more or less normally, but the British government said Abramovich would not benefit from any sale of the club.
Roman Abramovich has owned Chelsea since 2003. Credit … Martin Meissner / Associated Press
A statement from the team confirming the sale said it was expected to be completed by the end of May and was still subject to “all necessary regulatory approvals”, a disposal line most of the time, but one that could have huge consequences here.
Abramovich said the proceeds from the sale – according to Chelsea, Boelli and his group – pay £ 2.5 billion, or just over $ 3 billion – will go to a charity to help victims of the war in Ukraine.
But it was unclear how this would actually work, whether the beneficiaries would include Russians or how British officials would make sure the money did not go to Abramovich. The proceeds from the sale will be placed in an account that has been frozen by the government.
It is also unclear whether Chelsea’s top executives, who were hired and largely left to run the club by Abramovich, will remain in place.
Boelli, 48, made his fortune in investment banking and venture capital, eventually founding Eldridge Industries in 2015 to control his portfolio. Boelli has significant minority stakes in the Dodgers, Los Angeles Lakers and Los Angeles Sparks, but Chelsea will be the first sports team he leads.
According to a statement announcing the sale, in addition to the $ 3 billion the new owner group is paying for Chelsea, it will also invest more than $ 2 billion in the club, including investments in its stadiums, youth academy, women’s team and foundation. .
The group, led by Boehly, was chosen by Chelsea as the preferred member last week after a brief and furious sale process. Jim Ratcliffe, a British billionaire, made a late offer for the team, and Steve Palyuka, owner of the Boston Celtics, and Josh Harris and David Blitzer, who own the Philadelphia 76ers and New Jersey Devils, also tried to buy Chelsea.
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