American businessman Todd Boehly, center, claps as he attends the English Premier League football match between Chelsea and Watford at Stamford Bridge Stadium in London, Sunday, May 22, 2022.
Alastair Grant / AP
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Alastair Grant / AP
American businessman Todd Boehly, center, claps as he attends the English Premier League football match between Chelsea and Watford at Stamford Bridge Stadium in London, Sunday, May 22, 2022.
Alastair Grant / AP
LONDON (AP) – Roman Abramovich’s 19-year ownership of Chelsea is coming to an end after the British government approved the sale of the Premier League club by the sanctioned Russian tycoon to a consortium led by Todd Boehly – owner of the Los Angeles Dodgers head.
The government must make sure that Abramovich, who was punished for his association with Russian President Putin after the invasion of Ukraine, does not profit from the sale of the executed club whose investment has become one of European football’s greatest successes.
The defending FIFA Club World Cup and 2021 European champions will be sold for £2.5 billion ($3.1 billion) – the highest price ever for a team sports – with Premier League approval on Tuesday.
Chelsea has been operating under a government license since Abramovich’s assets were frozen in March and expired on May 31.
British Culture Secretary Nadine Dorries said: “With the sanctions we have imposed on those linked to Putin and the bloody invasion of Ukraine, the long-term future of the club may only be possible. secured under a new owner”. “We are pleased that the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals.”
There have been weeks of discussions between officials from Chelsea and the government about securing assurances that Abramovich was unable to obtain financially. The proceeds from the sale will initially be transferred to an escrow account before being donated to charity.
“We will begin the process of ensuring that the proceeds of the sale are used for humanitarian activities in Ukraine, supporting the victims of war,” the British government said in a statement. “Today’s steps will secure the future of this important cultural asset and protect fans and the wider football community.”
The delay in approving the deal has focused on the £1.6 billion ($2 billion) fortune Abramovich has loaned to Chelsea since 2003, which has provided the financing to build a men’s squad that won 21. title during the time he owned. Government assurances are needed from Abramovich, who does not condemn Russia’s war in Ukraine, of debt relief related to companies he controls.
Boehly has started attending Chelsea games in recent weeks since the club approved the sale to a consortium that includes the Dodgers’ main owner Mark Walter, Swiss billionaire Hansjorg Wyss and sponsors. from the private equity firm Clearlake Capital.
It was a hotly contested sales process, with four teams in the final run, before Boehly’s team was selected on May 7 after securing £1.75 billion (2.2 billion) in investment. billion dollars) to the group.
Chelsea fans have grown accustomed to lavish spending under Abramovich, with more than $1 billion in net player spending.
Chelsea’s ability to sell match tickets and commit to spending on new players has been limited by the sanctions but now new ownership is set up to provide an investment for manager Thomas Tuchel to increase squad strength.
What is certain is that Chelsea will be playing in the Champions League next season after finishing third in the Premier League last Sunday despite the turmoil off the pitch. The women’s team won a national championship and cup double with a roster sponsored by Abramovich’s investment.
Chelsea only won the men’s championship once – in 1955 – when Abramovich bought the club in 2003. Helped by expensive signings, the club won the Premier League two years later and more four more times since then, most recently in 2017.
Investment in Stamford Bridge is necessary. Chelsea have the smallest and oldest stadium among the Premier League’s most successful clubs, with plans to rebuild a 41,000-capacity stadium delayed by Abramovich in 2018 amid diplomatic tensions. Anglo-Russian deepening.
Chelsea’s $3.1 billion cost eclipses the $2.3 billion paid in 2018 to the NFL’s Carolina Panthers.
In addition to being a part owner of MLB’s Dodgers, Boehly also has minority stakes in the NBA’s Los Angeles Lakers and the WNBA’s Los Angeles Sparks.
