How much did chelsea sell for ? The fast-tracked purchase of English soccer club Chelsea for 2.5 billion pounds ($3.2 billion)—the highest price ever paid for a sports team—was completed Monday by a consortium fronted by Los Angeles Dodgers part-owner Todd Boehly.
It marked the end of the trophy-filled, 19-year tenure of Roman Abramovich, the Russian oligarch who was forced to sell the club in March after being sanctioned by the British government for what it called his enabling of Russian President Vladimir Putin’s “brutal and barbaric invasion” of Ukraine.
The government said the proceeds of the sale will be used for humanitarian purposes in Ukraine.
“We are honored to become the new custodians of Chelsea Football Club,” said Boehly, who attended some of the team’s games in recent weeks. “We’re all in—100%—every minute of every match.”
Chelsea has been operating under a government license since Abramovich’s assets were frozen in March. The Boehly and Clearlake Capital consortium was one of around 250 initial proposed buyers, the club said, and that was narrowed down to 12 credible bids and then a shortlist of three final bidders.
“Many described the proposed transaction as ‘unprecedented,’ and it was,” Chelsea said. “A transaction such as this would normally take nine months to a year to complete; we did it in less than three months.”
The British government approved the sale last week after ensuring that Abramovich could not profit from it. The proceeds will be transferred to a frozen account and then used “to support the relief and rebuilding effort in Ukraine as soon as possible,” the government said.
“Today’s change of ownership marks a new chapter for Chelsea,” the government added, “in the best interests of its fans, the club and the wider football community.”
Boehly’s group has pledged to invest an additional 1.75 billion pounds ($2.2 billion) in Chelsea’s men’s, women’s and academy teams and on infrastructure, such as the redevelopment of Stamford Bridge.
The consortium also features Dodgers principal owner Mark Walter, Swiss billionaire Hansjörg Wyss, and funding from private equity firm Clearlake.
“We are excited to commit the resources to continue Chelsea’s leading role in English and global football,” said Behdad Eghbali and José E. Feliciano, Clearlake’s co-founders, “and as an engine for football talent development.”
Chelsea’s £4.25 billion sale approved: How much did Roman Abramovich pay to buy the club in 2003?
The UK government on Wednesday (May 25) approved Chelsea football club’s sale to Todd Boehly-led consortium in a deal worth 4.25 billion pounds (around 5.2 billion USD). The approval of the club’s sale marks an end to Russian billionaire Roman Abramovich’s 19-year-long ownership of the Blues. Abramovich had bought Chelsea in the year 2003 when the club had not won a single league title since the 1955/56 season. The Russian went on to transform Chelsea into one of the best football clubs in the world and inspired them to incredible success during his era.
Abramovich had put Chelsea up for sale just two weeks after Russia’s invasion of Ukraine. The invasion saw the UK government sanction Russian billionaires operating in the country, including Abramovich. The deal was approved on Wednesday after months of negotiations with the UK government ensuring that the proceeds from the sale will be frozen in a UK bank account.
The UK government also received legal guarantees that the sale will not benefit Abramovich, whose assets in the UK have already been frozen in the wake of Russia’s invasion of Ukraine. While the ending of his reign at Chelsea is certainly not what Abramovich would have expected, he made the club a force to reckon with under his ownership.
Inside the Chelsea Sale: Deep Pockets, Private Promises and Side Deals
LONDON — The British government on Wednesday gave its blessing to the purchase of Chelsea F.C., one of European soccer’s blue-ribbon teams, by an American-led investment group after deciding it had sufficient assurances that none of the proceeds from the record sale price — $3.1 billion — would flow to the club’s Russian owner.
The government’s approval signaled the end of not only the most expensive deal in sports history but possibly the most fraught, cryptic and political, too.
In the three months since the Russian oligarch who owns Chelsea, Roman Abramovich, hurriedly put his team on the market, the club’s fate has played out not only on the fields of some of world soccer’s richest competitions but in the corridors of power at Westminster and the soaring towers of Wall Street. And all of it is against the backdrop of crippling financial sanctions imposed after Russia’s invasion of Ukraine.
“We are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual,” the government said in a statement.
The path to a deal has entangled a scarcely probable cast of characters — private equity funds and anonymous offshore trusts; lawmakers in Britain and Portugal; an octogenarian Swiss billionaire and the American tennis star Serena Williams; an enigmatic Russian oligarch and a little known Portuguese rabbi — and featured a contested passport, wartime peace talks and even reports of an attempted poisoning.
Its end leaves as many questions as answers. All that can be said for certain is that a group led by the Los Angeles Dodgers co-owner Todd Boehly and largely financed by the private equity firm Clearlake will now control Chelsea, a six-time English and two-time European champion, and Abramovich will not.
Ukraine war victims to benefit from £2.3 billion after Abramovich’s Chelsea sale
Victims of the war in Ukraine are set to benefit from £2.3 billion ($2.8 billion/€2.6 billion) of proceeds from Russian oligarch Roman Abramovich’s sale of English football club Chelsea.
The British Government is reportedly awaiting the green light from the European Union to donate the substantial figure to aid humanitarian efforts in Ukraine which remains under attack
Once approved, the funds are set to go to a foundation to support Ukrainian war victims following an agreement between the British Government and Abramovich.
Mike Penrose, a former chief executive of the United Nations International Children’s Emergency Fund, has been charged with setting up the foundation.
Abramovich was forced to sell Chelsea last year after he was sanctioned by the British Government due to the war in Ukraine.
The oligarch, who owned Chelsea for 19 years, has been accused of having “clear connections” to Russian President Vladimir Putin.
A consortium led by American business tycoon Todd Boehly took over as owners of Chelsea in May last year after completing a deal that is thought to be worth £4.25 billion ($5.20 billion/€4.76 billion).
The money was deposited into a frozen bank account in the United Kingdom to ensure Abramovich did not receive any proceeds of the sale.
When announcing plans to sell the club in March 2022, Abramovich said he had agreed to set up a charitable foundation to benefit “all victims of the war in Ukraine”, including providing “critical funds towards the urgent and immediate needs of victims” as well as supporting the “long-term work of recovery”.
Abramovich’s press office has confirmed to Russia’s official state news agency TASS that he is not involved in the distribution process of the proceeds from the sale.
“Before the sale of Chelsea, Roman Abramovich announced that he wanted the proceeds to be transferred to a charitable foundation for the needs of the victims on both sides of the conflict between Russia and Ukraine,” the press office said.
“This is exclusively about humanitarian assistance to the population.
“However, after the sale of the club, the money was never transferred to Abramovich’s account, and have since been at the disposal of the British authorities”.
Leaked documents have revealed that Abramovich had held assets worth more than £1.25 billion ($1.5 billion/€1.4 billion) with Credit Suisse via secret offshore companies in a report by OCCRP.
Credit Suisse said it “cannot comment on potential client relationships” but insisted that it operates “in strict compliance with all applicable laws, rules and regulations”.
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