After months of uncertainty, Chelsea supporters are finally seeing the future of their club become clearer. The English club went up for sale in early March, days before Roman Abramovich, its owner since 2003, was sanctioned by the British government following Russia’s invasion of Ukraine. The American Todd Boehly, co-owner of the Los Angeles Dodgers baseball team, set up a consortium, which made a takeover offer. The sale of Chelsea FC to Todd Boehly is expected to be finalized on Monday May 30.
The British government and the Premier League have already approved the takeover, which amounts to 4.25 billion pounds (5 billion euros). Only the last details remain to be settled. “Chelsea Football Club can confirm that a final and binding agreement was reached last night to sell the club to the Todd Boehly/Clearlake Capital consortium,” the club said in a statement. “The transaction is expected to be finalized on Monday,” the text goes on to say.
Chelsea have been in turmoil since Russia began invading Ukraine, as the British government considers Abramovich, the club’s owner for nearly 20 years, to be part of Russian President Vladimir Putin’s inner circle. The oligarch is also the target of sanctions from the European Union.
The consortium that will buy Chelsea is led by Boehly, but the Californian private equity firm Clearlake Capital would hold the majority of the club’s capital. Other investors include US billionaire Mark Walter, who is one of the Dodgers’ co-owners with Boehly, and Swiss billionaire Hansjörg Wyss. The Portuguese government also ratified the sale. Portugal’s approval was necessary, as Abramovich holds a Portuguese passport and resides in that country.