Chelsea Take Over Done As Todd Boehly Wins The Race

The prolonged Chelsea takeover has now come to an end with American billionaire Todd Boehly winning the race.

It is reported that Chelsea and Boehly have reached an agreement that will oversee the latter becoming the new owner at Stamford Bridge.

The American billionaire shrugged off all competitive bids from Sir Jim Ratcliffe-who had placed a £4 billion bid and the other two consortiums.

In a statement shared by Chelsea football club on their website, the two parties have reached an agreement with just a pending approval from the UK Government to finalize the deal.

Chelsea Football Club can confirm that terms have been agreed upon for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the Club.

Of the total investment being made, £2.5bn will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100 per cent to charitable causes as confirmed by Roman Abramovich. UK Government approval will be required for the proceeds to be transferred from the frozen UK bank account.

In addition, the proposed new owners will commit £1.75bn in further investment for the benefit of the Club. This includes investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation.

The sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time, read the lengthy statement.

Chelsea was placed on sale by the Russian billionaire Roman Abramovich early this year after the UK government slapped him with heavy sanctions for his links with the Russian president, Putin.

However, Chelsea will today host Wolves at their fortress as they aim to cement their top-four spot. Also Boehly is expected to attend this match.