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Home Sports Chelsea confirm Todd Boehly to be new owner and when the deal...

Chelsea confirm Todd Boehly to be new owner and when the deal will be completed

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Todd Boehly will replace Roman Abramovich as Chelsea’s owner (Picture: Getty Images)

Chelsea have confirmed that Todd Boehly and his ‘ownership group’ have agreed a deal to buy the club, offering some details on the purchase, which is expected to be completed by the end of May.

The announcement in the early hours of Saturday morning as Boehly has signed the purchase agreement on a deal worth around £4.25 billion.

It is not yet complete, with Premier League and government approval needed, but neither is expected to cause an issue for the American and his consortium, which also includes Hansjorg Wyss, Mark Walker and investment firm Clearlake Capital.

A statement from Chelsea read: ‘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.

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‘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% 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.’

The government must now issue a new licence for the sale of the club, while the Premier League will complete an owners’ and directors’ test.

MORE : Todd Boehly expected to attend Chelsea vs Wolves after agreeing to buy the Blues

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