Todd Boehly of Los Angeles Dodgers buys Chelsea for $ 5.2 billion
by LORENZO CIOTTI | VIEW 1184
Todd Boehly, co-owner of the Los Angeles Dodgers MLB team, bought English Premier League soccer club Chelsea for $ 5.2 billion. The London club has formalized the sale. Roman Abramovic put the club up for sale in March, just days before it was sanctioned by the British government following the invasion of Ukraine.
To date Chelsea have operated under a special government license after Abramovich was sanctioned by Britain and the European Union for his ties to Russian President Vladimir Putin. Boehly's team also includes billionaires Mark Walter, Hansjorg Wyss and investment firm Clearlake Capital.
Boehly has a reported net worth of £ 3.6 billion, and in addition to the Dodgers is also the owner of the Los Angeles Sparks women's basketball team. In addition he also owns a stake in the Los Angeles Lakers. He was also joined by executive Barbara Charone, British businessman Jonathan Goldstein and Times reporter Daniel Finkelstein.
In 2019, Taiwan Joseph Tsai, co-founder of the e-commerce giant Alibaba, bought the Brooklyn Nets for 2.11 billion euros. Just under the 2.4 paid by businessman Steven Cohen for the New York Mets baseball team.
Chelsea's statement on the sale of the club
"Chelsea Football Club confirms that terms have been agreed for a new group led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss to acquire the club.
Of the total investment made, £ 2.5 billion will be used for the purchase of the Club shares and such proceeds will be deposited into a frozen UK bank account with the intention of donating 100% to charitable causes, as confirmed by Roman Abramovich.
UK Government approval will be required to transfer The proceeds from the frozen bank account. In addition, the proposed new owners will pledge £ 1.75 billion in additional investments to benefit the Club. This includes investments in Stamford Bridge, Academy, Women's Team and Kingsmeadow and ongoing funding for the Chelsea Foundation.
sale is expected to close in late May, subject to all necessary regulatory approvals. More details will be provided in that the moment."