Chelsea are expected to have new owners in place by the end of the month after the Premier League club said that terms have been agreed with the consortium led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss.
Chelsea have been up for sale since early March after Russian owner Roman Abramovich, who purchased the club in 2003, announced he was stepping down and seeking new owners. The sale process has been complicated by the sanctions imposed on Abramovich by the UK government amid Russia's invasion of Ukraine, with the club operating under a special license which has limited the club's activity, including ticket and merchandise sales, renewing staff contracts, and a strict budget on travel expenses.
After weeks of uncertainty, some clarity was provided on Friday night with the confirmation that a takeover is imminent, subject to "all necessary regulatory approvals".
Chelsea said the new owners would pay £2.5 billion ($3.08bn) to purchase shares while committing a further £1.75bn to invest in the stadium, women's team, the academy and the Chelsea Foundation.
"Chelsea Football Club can confirm 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," the statement read.
"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."
Abramovich cleared the path for the takeover on Thursday after dismissing reports he wanted a loan given to the club, reportedly worth £1.5bn, to be repaid.
The Boehly group, which also includes Swiss billionaire Wyss, were in exclusive negotiations to buy the club after a late bid from British billionaire Jim Ratcliffe was rejected.
Groups led by Boston Celtics co-owner Stephen Pagliuca and former British Airways chairman Martin Broughton were earlier eliminated from the bidding process while a consortium led by Chicago Cubs owners the Ricketts family pulled out of the running.
Boehly, the CEO of investment firm Eldridge Industries, has experience of being a part owner of major sports teams. He owns 20 per cent of Major League Baseball franchise Los Angeles Dodgers and last year acquired a 27 per cent stake in NBA team Los Angeles Lakers. He is also part owner of WNBA team Los Angeles Sparks.
All Chelsea trophies won in the Abramovich era
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1) League Cup, February 2005: Chelsea won their first trophy under Roman Abramovich by defeating Liverpool 3-2 after extra time in the 2003 League Cup final. John Arne Riise scored early for Liverpool before a Steven Gerrard own goal sent the game into extra time. Didier Drogba and Mateja Kezman made it 3-1 to Chelsea and Antonio Nunez pulled one back for Liverpool. The Abramovich era had begun. AFP -
2) Premier League, 2004/05: Jose Mourinho lived up to his self-appointed 'Special One' tag by guiding Chelsea to their first Premier League title and first top-flight title in 50 years. The Blues marched away with the league, finishing 12 points clear and losing just once. AFP -
3) Premier League 2005/06: Back-to-back titles for the Blues who were once again head and shoulders above their rivals, finishing eight points ahead of runners-up Manchester United. Getty Images -
4) League Cup, February 2007: Trophy No 4 was delivered at the Millennium Stadium in Cardiff, where Chelsea beat Arsenal 2-1 in the final. Theo Walcott put the Gunners in front but a Drogba double ensured the Blues emerged victorious. AFP -
5) FA Cup, May 2007: Chelsea missed out on the league title but finished the season with the Cup double, beating Manchester United 1-0 after extra time, courtesy of another Drogba goal. AFP -
6) FA Cup, May 2009: Interim manager Guus Hiddink left his mark on Chelsea by guiding the club to an FA Cup triumph. After falling behind to a first-minute Louis Saha goal, Chelsea fought back through Drogba and Frank Lampard to defeat Everton 2-1. AFP -
7) Premier League, 2009/2010: After three years without a league title, Chelsea came roaring back to win the 2010 trophy. Following the dogged and pragmatic style under Mourinho, Carlo Ancelotti got the team playing with flair as the Blues scored 103 goals and won the title by one point ahead of Manchester United. AFP -
8) FA Cup, May 2010: Chelsea successfully defended the FA Cup with a 1-0 win over Portsmouth. No prizes for guessing the matchwinner as Drogba struck to secure the double. AFP -
9) FA Cup, May 2012: After the ill-fated spell of Andre Villas-Boas, former Chelsea midfielder Roberto Di Matteo came in to steady the ship. Steady the ship he did as Chelsea beat Liverpool 2-1 in the FA Cup final. Ramires and Drogba scored Chelsea's goals before Andy Carroll pulled one back for Liverpool. AFP -
10) Uefa Champions League, May 2012: The 10th trophy under Abramovich and the one the Russian craved above all others. Chelsea were crowned European champions in improbable style, riding their luck to defeat Bayern Munich on penalties inside the German club's own stadium. Drogba's header levelled five minutes after Thomas Muller had put Bayern in the lead to force extra time, where Arjen Robben then missed a penalty. It was then left to the main man Drogba to seal it from the penalty spot. AFP -
11) Uefa Europa League, May 2013: A disappointing Champions League campaign saw Chelsea drop into the Europa League, but the Blues made their superiority count in Europe's second-tier tournament. Fernando Torres gave Chelsea the lead in the final, before Oscar Cardozo equalised from the spot. Branislav Ivanovic secured the trophy with the winner in injury time. AFP -
12) League Cup, March 2015: The return of Mourinho brought with it more domestic success, starting with a third League Cup under Abramovich. Chelsea claimed a 2-0 victory over Tottenham in the final, John Terry and Diego Costa with the goals. AFP -
13) Premier League, 2014/15: Mourinho secured a double as Chelsea won their first league title in five years. It was a convincing season for the Blues, who finished eight points clear of runners-up Manchester City. AFP -
14) Premier League, 2016/17: Antonio Conte announced himself to English football with a remarkable debut season as Chelsea manager, guiding the club to the title and a then record 30 league wins. The Blues were seven points clear of second-placed Tottenham. AFP -
15) FA Cup, May 2018: Two seasons, two trophies for Conte as Chelsea defeated Manchester United 1-0 in the FA Cup final, Eden Hazard scoring the only goal of the game from the penalty spot. It proved Conte's last game in charge. AFP -
16) Uefa Europa League, 2018/19: Maurizio Sarri's brief time in charge is not remembered all that fondly but the Italian did deliver silverware with an emphatic 4-1 win over rivals Arsenal in the final after goals from Olivier Giroud, Pedro and a Hazard double. Alex Iwobi grabbed a consolation for Arsenal. AFP -
17) Uefa Champions League, May 2021: Thomas Tuchel wrote his name into Chelsea folklore by guiding the club to the Champions League title just five months after taking charge. Kai Havertz scored the only goal of the game against a much-favoured Manchester City side. AFP -
18) Fifa Club World Cup, February 2022: As part of the privilege of being European champions, Chelsea competed in the Club World Cup in Abu Dhabi last month. The Blues lived up to their billing, defeating Palmeiras 2-1 after extra time in the final. Romelu Lukaku put Chelsea ahead only for Raphael Veiga to level from the spot. Havertz then converted a penalty deep in extra time to clinch it. If being crowned world champions proves to be the final achievement of Abramovich's era, it is a fitting tribute. AFP
Boehly leads the consortium bid, but US investment firm Clearlake Capital is expected to hold the majority stake.
Speaking during the press conference for Chelsea's Premier League match against Wolves, manager Thomas Tuchel said on Friday he was “confident” that the Blues were closing in on a sale of the club.
“I've been told last week that we have a preferred bidder and things are going forward,” he said. “It's a pretty important week for the club, but I was fully focused on the pitch. But after what I heard last week I'm confident.”
Chelsea are currently third in the Premier League table and lead the race to secure a top four finish and with it, entry into next season's Champions League, while the club will also have the chance to add to the European Super Cup and Fifa Club World Cup trophies won this season when they face Liverpool in the FA Cup final on May 14.
