Chelsea football club officially under new ownership
Todd Boehly and his consortium have taken over the football club from Roman Abramovich
Last updated 30th May 2022
Chelsea football club is officially under new ownership today as LA Dodgers co-owner Todd Boehly and his consortium have completed the sale.
The 4-and-a-quarter-billion-pound takeover has gone ahead with the net proceeds going towards the humanitarian effort in Ukraine.
Previous owner Russian oligarch Roman Abramovich can't make money from it as he's been sanctioned for apparent links to Vladimir Putin.
New ownership of Chelsea football club
Russian-Israeli billionaire Abramovich's 19-year tenure as Chelsea owner is now at an end.
The 55-year-old steered Chelsea to 21 trophies, changing the face of English football forever with his major investment and drive for success.
Abramovich officially put the club up for sale on 2 March, amid Russia's continued invasion of Ukraine.
The UK Government then sanctioned Abramovich on 10 March, claiming to have proven his links to Vladimir Putin.
Chelsea were able to continue to operate thanks to a strict, temporary Government licence, with Abramovich's other UK assets frozen.
Downing Street, the European Union and the Portuguese Government had to issue new licences to allow the sale to be completed.
Swiss billionaire Hansjorg Wyss and US tycoon Mark Walter are the other main members of the consortium.
Clearlake Capital co-founders Eghbali and Jose Feliciano revealed their delight at pulling off the deal for Chelsea, and immediately pointed to a bright future.
"We are excited to commit the resources to continue Chelsea's leading role in English and global football, and as an engine for football talent development," said Eghbali and Feliciano in a joint statement.
"We also want to thank the authorities for all their work throughout the process.
"As pioneers in sports and media investing, we are thrilled to partner with Todd and the rest of the consortium to meaningfully grow the club as a global platform.
"Together, we will expand the club's investment across infrastructure, technology, and sports science to support the incredible Chelsea football and commercial teams - all with the goal of leveraging this growth to fuel even more on-pitch success."
Who is taking over Chelsea football club?
Los Angeles Dodgers co-owner Boehly will "share joint control and equal governance of the club" with main partner Clearlake Capital investment firm.
Boehly will serve as chairman of the holding company, backing up his status as controlling owner - a set-up reached by virtue of his robust working relationship with Clearlake chief Behdad Eghbali.
"We are honoured to become the new custodians of Chelsea Football Club," said Boehly.
"We're all in - 100 per cent - every minute of every match, our vision as owners is clear: we want to make the fans proud.
How much has Chelsea football club sold for?
Todd Boehly has vowed to build on Chelsea's "remarkable history of success" after completing his £4.25billion purchase of the Stamford Bridge club.
The 48-year-old US tycoon's consortium finally took the Stamford Bridge helm today, having completed the record sports franchise purchase from Roman Abramovich.
Boehly's consortium fought off 11 serious rivals to become the new Chelsea owners, in a sale process that started on March 2 and comprised more than 250 enquiries.
The consortium led by Todd Boehly, chairman and CEO of Eldridge, and Clearlake Capital Group, L.P. have announced the completion of the ownership transfer of the club.
The consortium also includes Hansjorg Wyss, founder of the Wyss Foundation, and Mark Walter, co-founder and CEO of Guggenheim Capital.
Walter and Boehly are owners of the Los Angeles Dodgers, the Los Angeles Lakers, and the Los Angeles Sparks, the transaction has received all necessary approvals from The Government of the United Kingdom, The Premier League, and other authorities.
Under the terms of the agreement, Boehly and Clearlake will share joint control and equal governance of the Club, Boehly will serve as Chairman of the holding company.
What are the plans for Chelsea football club?
Boehly and Clearlake are committed to investing in key areas that will extend and enhance Chelsea's competitiveness, including the redevelopment of Stamford Bridge, further investment in the Academy, the Women's Team, and Kingsmeadow stadium.
Boehly said, "Along with our commitment to developing the youth squad and acquiring the best talent, our plan of action is to invest in the club for the long-term and build on Chelsea's remarkable history of success.
"I personally want to thank ministers and officials in the British Government, and the Premier League, for all their work in making this happen."
The owners will also continue the important work of the Chelsea Foundation, Behdad Eghbali and Jose E. Feliciano, Clearlake co-founders and managing partners, said, "We are excited to commit the resources to continue Chelsea's leading role in English and global football, and as an engine for football talent development.
‘Moving forward, planning for next season’
Dan Silver is from the Chelsea Supporters Trust, “It just kind of gives closure for everybody connected to the club.
“It will be great, we’ve got new ownership, we can move forward and start planning for next season.
“It’s nothing compared to what’s going on in Ukraine, but the football club is such an important part of so many people’s lives.”
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