CHELSEA FC said a Los Angeles Dodgers co-owner Todd Boehly-led group will acquire the London football club after agreeing terms in a deal worth £4.25 billion (RM22.9 billion).

“The sale is expected to be completed in late May, subject to all necessary regulatory approvals,” said the football club in a statement yesterday.

“More details will be provided at that time.”

Chelsea’s Russian owner Roman Abramovich put the club on the market in March, just days before he was sanctioned by the British government following the invasion of Ukraine.

After a lengthy bidding process involving several groups, Boehly and his fellow investors were picked by Raine Group, the New York bank overseeing the Blues’ sale.

The investors include fellow Dodgers co-owner Mark Walter, Swiss billionaire Hansjoerg Wyss and United States investment firm Clearlake Capital.

“Chelsea FC confirms that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the club,” said the statement.

“Of the total investment being made, £2.5 billion will be applied to purchase the shares in the club. The proceeds will be deposited into a frozen United Kingdom bank account with the intention to donate 100% to charitable causes as confirmed by Abramovich.

“UK government approval will be required for the proceeds to be transferred from the frozen UK bank account.”

In addition, it added, the new owners will commit £1.75 billion in further investment for the benefit of the club.

Proceeds to victims of Ukraine war

Chelsea has been forced to operate under a special licence from the government after Abramovich was sanctioned by the EU and UK for his links to Russian President Vladimir Putin.

Abramovich cannot profit from the club’s sale, but has vowed to write off the latter’s £1.5 billion debt and that all proceeds from the sale will go to victims of the war in Ukraine.

There have been fears over the future of the club if a sale is not finalised before the licence runs out on May 31.

Under the terms of the licence, Chelsea is unable to offer new contracts to existing players or sign players from other clubs.

The sale of the champions brings the curtain down on 19 years of nearly unbroken success under Abramovich, who has overseen five Premier League titles and two Champions League triumphs.

After initially embarking on a long winning run following his decision to sell the club, Chelsea has struggled to find its best form recently.

It suffered a painful Champions League quarter-final defeat at Real Madrid after nearly pulling off an epic comeback from a 3-1 first leg deficit.

Chelsea’s place in the Premier League’s top four is also far from guaranteed. – AFP, May 7, 2022.