The 19-year tenure of Roman Abramovich as owner of Chelsea has come to an end, the club confirmed on Monday, following the completion of the Todd Boehly-led acquisition.
Roman Abramovich has completed the sale of Chelsea Football Club and associated businesses to an investment consortium headed by Todd Boehly and Clearlake Capital, according to a statement posted on chelseafc.com.
When Mr. Abramovich stated on March 2 that he intended to sell the Club after 19 years of successful ownership, the sale process got underway.
Mr. Abramovich stated in the sale of the Club that the new owner will be a great representative of the Club, the net sales proceeds would be donated to charity, and he would not pursue loan repayment given to Club affiliates.
Boehly and Company reportedly spent £4.25 billion to acquire Chelsea, the third-most successful team in Premier League history.
The sale price was £2.5 billion, and a deal has been made for £1.75 billion to be put into the business over a ten-year period.
On March 10, the UK government sanctioned Abramovich for his alleged ties to Russian President Vladimir Putin.
Due to those penalties, Abramovich was not permitted to receive any of the sale’s proceeds.
The restrictions on ticket sales and spending constraints imposed by the sanctions had an impact on how Chelsea FC operated on a daily basis.
However, the club may now carry on with business as usual, thus they are free to sell and buy players throughout the summer transfer window.
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Following Abramovich’s announcement of his intention to sell, the club received more than 250 inquiries, according to Chelsea’s statement.
Before the Boehly and Clearlake Capital consortium was selected as the preferred bidder, twelve additional “credible bids” were made.
Boehly later added the following: “We are honored to take on the role of Chelsea Football Club’s new custodians.
“Every minute of every game is fully invested in by our entire team. Owners with a clear goal: we want to uplift the fans.
Our strategy is to invest in the Club for the long term and build on Chelsea’s remarkable history of success, in addition to our commitment to developing the youth team and acquiring the best talent.
According to him, he personally wanted to thank the Premier League, as well as ministers and officials in the British government, for all their work in making this happen.
