Chelsea has been sold to a group led by American sports businessman Todd Boehly, ending Roman Abramovich's 19-year ownership. The overall value of the deal is 4.25 billion pounds ($5.24 billion).
In a statement released early Saturday, the Stamford Bridge-based club confirmed the 4.25 billion pound ($5.2 billion) agreement for the reigning European champions, subject to receiving the necessary approvals.
According to a Chelsea statement announced early Saturday, “Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjorg Wyss, to acquire the club.”
"The sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time."
The sale of the reigning FIFA Club World Cup winners and 2021 European champions for 2.5 billion pounds ($3.1 billion) is the most lucrative ever for a sports team worldwide, but Abramovich will not receive the funds, which he hopes will go to a foundation for war victims. Following two months of frantic discussions to sell the west London club since Russia invaded Ukraine, an additional 1.75 billion pounds ($2.2 billion) has been promised to invest in Chelsea's teams and stadiums.
Abramovich has stated that he will write off loans to Chelsea totaling more than 1.5 billion pounds ($1.9 billion), although this has been complicated by British government sanctions imposed as part of a crackdown on wealthy Russians with ties to President Vladimir Putin.
Chelsea expects the transaction to be completed by late May, despite the sanctions limiting its ability to sell match tickets and commit to new player spending.
A statement by Chelsea affirms proceeds will be deposited into a frozen UK bank account with the intention to donate 100% to charitable causes as confirmed by Roman Abramovich.
Boehly has already arrived in London and likely watched Chelsea's Premier League match against Wolverhampton Wanderers that ended in a 2 – 2 draws on Saturday at Stamford Bridge. With four games remaining, Thomas Tuchel's club is in third place in the standings. Although the crown is out of reach, Champions League qualification is close.
Chelsea's 41,000-seat stadium is the smallest and oldest of the Premier League's most successful clubs, with plans for a redevelopment put on hold by Abramovich in 2018 as British-Russian diplomatic tensions grew.
Chelsea announced that the 1.75 billion pounds will be used to invest in Stamford Bridge, the academy, and the women's team.
Boehly is a minority owner of the Los Angeles Dodgers of Major League Baseball, as well as the NBA's Los Angeles Lakers and the WNBA's Los Angeles Sparks.
With 21 trophies gathered in 19 years, the difficulty will be to retain the expectation of regular trophies generated through Chelsea's expensive transformation.