Boehly-Clearlake consortium takes over Premier League club Chelsea: Details here
A consortium led by part-owner of American basketball team Los Angeles Sparks, Todd Boehly, and backed by Clearlake Capital, has taken over Premier League club Chelsea. While he signed the agreement a fortnight ago, the reins were handed over on Monday. The consortium had won the bid to acquire Chelsea earlier this month. This ends the 19-year reign of Roman Abramovich at the club.
Chelsea highlights the lengthy process
"Roman Abramovich has completed the sale of Chelsea Football Club and related companies to an investment group led by Todd Boehly and Clearlake Capital," read a statement published by Chelsea. "The process was extremely thorough and completed on an accelerated timeline. Many described the proposed transaction as unprecedented." The statement added that the club received over 250 enquiries from "proposed purchasers".
Chelsea were operating under a special license
In March this year, Roman Abramovich, a Russian businessman announced that he is ready to sell the Chelsea Football Club 19 years after buying the side. The sale required a go-ahead from the Portugal government after Abramovich became the country's citizen in 2021. Notably, the British government had given Chelsea a special license to operate until May 31, after Abramovich's assets were frozen.
Why did British government freeze Abramovich's assets?
In March, the British government froze Abramovich's assets after he was sanctioned by the government for his links with Russian President Vladimir Putin. British Prime Minister Boris Johnson termed the sanctions "the latest step in the UK's unwavering support for the Ukrainian people".
Chelsea won 18 trophies with Abramovich at the helm
Abramovich bought the Chelsea Football Club in 2003. During his reign, Chelsea achieved tremendous success across competitions. The club won five Premier League titles, five FA Cups, and two Champions League trophies in this period. Chelsea also won the UEFA Supercup twice and the League Cup thrice. Abramovich led the club to a total of 18 major trophies.
Who is Todd Boehly?
Boehly is the co-owner of Major League Baseball's (MLB) Los Angeles Dodgers. He is also a minority investor in the National Basketball Association (NBA) team, LA Lakers. According to Goal, Boehly planned to buy Chelsea in 2019 for $2.7 billion, but his offer was rejected.
Who all are included in the board?
As per Goal, Boehly will be included in the board at Chelsea FC despite having a minority stake. It is understood that Clearlake Capital has invested the majority of the money, with both its co-founders Jose E Feliciano and Behdad Eghbali being equally involved. The principal owner of the Dodgers, Mark Walter, will also be involved, along with Boehly's long-term associate, Hansjorg Wyss.
The amount will be going to humanitarian charity
It is to be noted that the sale price of Chelsea FC is $3.2 billion. The entire amount will be going to "humanitarian charity" as a way of helping the victims following Russia's invasion of Ukraine. Former UNICEF executive Mike Penrose would set up a foundation to receive the funds and give assistance in the European war zone.
