May 25 – The curtain has finally been brought down on Roman Abramovich’s 19-year ownership of Chelsea after the British government ended a long drawn out process by approving the £.4.25 billion sale of the Premier League club to a consortium fronted by Los Angeles Dodgers baseball team part-owner Todd Boehly.
Authorities greenlighted the sale having been assured that Abramovich, who was sanctioned over his links to Russian President Vladimir Putin following the invasion of Ukraine, would not profit from any sale of the club he turned into one of the most successful in European football.
Boehly will become Chelsea’s controlling owner, bringing to an end a 12-week saga that at one point seemed close to collapse over concerns about where the proceeds would end up. Chelsea have been operating under a special government license since Abramovich’s assets were frozen in March.
The sale will follow a two-step process under which £2.5 billion will go into an escrow account until the government is satisfied the funds will go to a charity for victims of the war in Ukraine. Crucially, Abramovich has agreed to guarantees allowing his £1.6 billion loan to Chelsea to go into a frozen account under government control.
“Following the sanctioning of Roman Abramovich, the government has worked hard to ensure Chelsea has been able to continue to play football. But we have always been clear that the long-term future of the club could only be secured under a new owner,” a government statement said.
“Given the sanctions we placed on those linked to Putin and the bloody invasion of Ukraine, the long-term future of the club can only be secured under a new owner. We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals.”
“We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war”
Thanks to Abramovich’s unlimited funds, Chelsea won 21 trophies during his ownership, including five Premier League titles, and it will now be up to the new owners, who have pledged £1.75 billion of investment, to continue that trend. Chelsea had been under a transfer ban until the saga was resolved but can now look the future with renewed optimism.
Manager Thomas Tuchel has reportedly been given £200 million to spend in the current transfer window.
Boehly had already started attending Chelsea games in recent weeks since the club approved the sale to the consortium that also features Dodgers principal owner Mark Walter, Swiss billionaire Hansjorg Wyss, and shareholder control being in the hands of US private equity firm Clearlake Capital.
Contact the writer of this story at moc.l1734965531labto1734965531ofdlr1734965531owedi1734965531sni@w1734965531ahsra1734965531w.wer1734965531dna1734965531