Chelsea Football Club have confirmed that their multibillion-pound acquisition will be completed on Monday.
The English Premier League club is being sold to a consortium led by Todd Boehly – owner of the Los Angeles Dodgers and backed by Clearlake Capital.
A statement from the club on Saturday said: “Chelsea Football Club can confirm that a final and definitive agreement was entered into last night for the sale of the club to Todd Boehly Group. / Clearlake Capital.
“The transaction is expected to close on Monday. The club will update further at that time.”
After Chelsea went up for sale on 2 March, a bid led by Boehly secured a £4.25 billion deal after a two-month process, much of it funded by the holding company. US private equity Clearlake Capital.
Sales, that is approved by the UK government earlier this weekwill close the curtain Roman Abramovich19-year tenure as owner of Chelsea.
The government said in a statement that it has “reached a position where we can issue a license to allow the sale” of the club.
Culture Minister Nadine Dorries said: “We are pleased that the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals.
Roman Abramovich is the former owner of Chelsea
It comes after the Premier League leadership approved a takeover proposal on Tuesday.
The former owner of Chelsea is sanctioned by the UK government on March 10, days after he put the club up for sale, with Downing Street claiming to have proven his connection to Russian President Putin.
Mr. Abramovich said that the proceeds from the sale of the club will be donated to the victims of the war in Ukraine.
An agreement to sell the football club came into effect because of the government guarantee that Mr Abramovich would not profit from the sale of the club.
Him and his advisors reach a binding £4.25 billion deal this month with a group that is majority-funded by Clearlake Capital, a California investment firm, and led by Mr. Boehly.
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Chelsea fans react to new owners
The club has been given strict government license to operate, and all of Mr Abramovich’s other UK assets have been frozen.
Under the terms of the sanctions, Chelsea cannot make any transfers, either with existing players or external targets – but once the takeover is complete, the team will be able to operate in business. business as usual.
Meanwhile, Sky News recently revealed that terms of takeover would prevent Mr Boehly and his fellow investors from paying dividends or taking management fees for a decade.
New owners will also be barred from selling any shares in the club for 10 years, as well as agreeing to strict limits on how much debt they can take on.
