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Chelsea announce takeover after UK government okays Boehly-led consortium bid

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Chelsea announced the official takeover of the club by the Todd Boehly-led consortium after the government of the United Kingdom gave their okay for the bid.

Following devastating events in Ukraine due to Russian President Vladimir Putin, former owner Roman Abramovich was sanctioned for being an ally of the Russian head of state by the UK government. Chelsea, as a result, suffered as fans were prevented from buying tickets to games and the club was prevented from carrying out any commercial activities that could put money in Abramovich’s pockets.

Following the Russian oligarch’s decision to sell, a bidding war ensued between several corporations and billionaires for one of the world’s most valuable clubs. After nine weeks, the bid from the consortium led by co-owner of Major League Baseball franchise Los Angeles Dodgers and NBA franchise Los Angeles Lakers, Todd Boehly, was selected as the winning bid.

After passing the Premier League owners’ and directors’ test, the rest was up to the UK government which wanted to carry out checks of its own. Chelsea officially released a statement on their club website which noted that the checks have been completed and that Abramovich has officially handed over the club’s ownership to the new owners.

Statement from Chelsea on new ownership

The club’s statement reads: “Roman Abramovich has completed the sale of Chelsea Football Club and related companies to an investment group led by Todd Boehly and Clearlake Capital. This sale process commenced on 2 March, when Mr Abramovich announced his intention to sell the Club after 19 successful years of ownership.

“In selling the Club, Mr Abramovich stipulated that the new owner must be a good steward of the Club, the net proceeds of the sale must be donated to charity and that he would not seek the repayment of loans made to affiliates of the Club. Following this announcement, the Board of Directors and senior staff at the Club immediately commenced work on the sale transaction.

Raine, a global merchant bank chosen by the owner to run the sale process, has significant expertise and experience advising premium sports clubs on mergers and acquisitions and advised the owner and the Club in the process.”

Chelsea thank partners and Abramovich

The club also shared a note of thanks to Abramovich for 19 successful years as owner which saw the club win every title they competed for. The club also won the most titles in England in that period, which contributed to their increased value.

“We would like to thank all of the bidders for their engagement, effort and participation in this process,” the statement continued. “We would also like to thank our men and women footballers, the staff of both teams, everyone in our Academy, and in particular Thomas Tuchel and Emma Hayes for their patience and support during this process.

“And, of course, thank you to all our partners, staff and fans during this difficult phase for the Club.

“We additionally wish to state our appreciation for the efforts of the Fans’ Forum, Chelsea Supporters Trust, Chelsea Supporters Group, Chelsea Supporters Club and Chelsea Pitch Owners for engaging with bidders and conveying their views and expectations of any new owner.

And finally, we would like to thank, for their help, assistance, and support, those persons with whom we have worked at DCMS, HM Treasury, UEFA, The FA, The Premier League, The Raine Group, Northridge Law, Simmons & Simmons, Ernst & Young, Pillsbury Winthrop Shaw Pittman

“And, OF COURSE, Roman Abramovich for 19 amazing, unforgettable years.”

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