Group Led by American Will Buy Chelsea FC, the Team Says

The Premier League soccer team Chelsea, which has been sold to the Kremlin, has been sold to an American billionaire for more than $ 3 billion, the highest amount ever don’t pay for a sports team.

Todd Boehly, the American who earned his billions through finance and investments and who is a part-owner of the Los Angeles Dodgers. The group also includes the investment firm Clearlake Capital; Mark Walter, the controlling owner of the Dodgers; and the Swiss billionaire Hansjoerg Wyss.

Roman Abramovich, a Russian oil oligarch who has pumped billions of dollars into the mid-table Premier League club to one of the best teams in the world, wins multiple Premier League and Champions League titles with players like John Terry, Didier Drogba and N’Golo Kanté.

In the wake of Russia’s invasion of Ukraine, Abramovich announced that he would sell the club, but before the death of his assets, including Chelsea, were frozen by the British government. Chelsea has been granted a contract by the government to continue operating more or less as normal, but the British government has said that Abramovich will not benefit from any sale of the club.

The team’s statement confirming that it was expected to be closed in late May, and that it is still very much in the process of being regulated.

Abramovich has said that, according to the statement from Chelsea, Boehly and his group are paying 2.5 billion British pounds, or a little over $ 3 billion – that will be a charitable foundation to support victims of the war in Ukraine.

But it has not been made clear how Abroadovich would be covered by the beneficiaries. The funds from the sale have been frozen by the government.

Chelsea executives, who has long been left to run the club by Abramovich, will stay in place.

Boehly, 48, made his fortune in investment banking and venture capital, eventually found Eldridge Investments in 2015 to control his portfolio. Boehly has significant minority ownership stakes in the Dodgers, Los Angeles Lakers and Los Angeles Sparks, but Chelsea will be the first sports team that he leads.

According to the statement announcing the sale, in addition to the $ 3 billion the new ownership group is paying for Chelsea, it will also invest more than $ 2 billion in the club, including investments in its stadiums, youth academy, women’s team and foundation.

The group headed by Boehly was chosen by Chelsea as the preferred bidder last week, after a short and frenzied sale process. Jim Ratcliffe, a British billionaire, made a late bid for the team, and Steve Pagliuca, who owns the Boston Celtics, and Josh Harris and David Blitzer, who owns the Philadelphia 76ers and the New Jersey Devils, also tried to buy Chelsea.

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