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Owner of the Lakers, humorist and journalist. Who will buy Chelsea from Abramovich?

Chelsea have announced that they have reached an agreement to sell the club. Who will become the new owner and why Roman Abramovich will not receive a penny: about this material from RBC

Roman Abramovich (Photo: Phil Cole/Getty Images)

Who will buy Chelsea?

A consortium led by American businessman Todd Boely has agreed to buy the club from Russian billionaire Roman Abramovich. Boely had previously tried to acquire Chelsea. In 2019, he offered Abramovich $3 billion for the club and was turned down.

Forbes estimates Boeli’s fortune at 4,500 million dollars, the businessman ranks 637th in the ranking of the richest people, which the publication prepares. In the sports world, Boeli is known as a co-owner of popular Los Angeles teams: the Lakers (NBA) and the Dodgers (baseball). He also owns the Los Angeles Sparks women’s basketball club and DraftKings (fantasy sports, sports betting).

Bloomberg named three candidates for the purchase of Chelsea from Abramovich

But most of the shares will be held by California-based private equity firm Clearlake Capital. The consortium also includes music critic and PR agency owner Barbara Charone, writer, comedian and radio producer Jonathan Goldstein and former Times editor Daniel Finkelstein. Other investors include US billionaire Mark Walter, Boely’s business partner with the Dodgers and Lakers, and Swiss billionaire Hansjörg Wyss.

Who else was bidding for Chelsea?

Among the real contenders, a consortium led by former Liverpool president Martin Broughton and co-owner of NBA club Boston Celtics Stephen Palyuka was reported. This consortium also included seven-time Formula 1 champion Lewis Hamiton and former World No. 1 Serena Williams.

American billionaire Ken Griffin, along with the Ricketts family, which owns the Chicago Cubs (baseball), also submitted an application for the purchase. British billionaire Jim Ratcliffe, majority shareholder of the chemical group Ineos, was also rejected. The latter proposed on April 29, a few weeks after the March 18 application deadline.

What Abramovich remembers in the history of Chelsea. Photo report

How much will Chelsea pay?

The deal is valued at £4.25 billion ($5.2 million). Of the total, £2.5bn ($3.08bn) will be used to buy shares in the club, which will be transferred to charitable causes. A further £1.75bn ($2.16bn) will be invested in the development of the club.

Chelsea needs to complete the sale process before the annual meeting of shareholders of the English Premier League (EPL) on June 8, otherwise the London club risks relegation from the tournament and European competition.

The sale is due to be completed by the end of May, subject to approval by authorities, management and Premier League clubs.

How much will Abramovich receive?

Abramovich decided to sell the club, which he had owned since 2013, in the face of the threat of new sanctions from the British authorities after the start of a special operation in Ukraine. In particular, at the end of February he handed over the management to the club’s charitable foundation, and on March 2 he announced the sale and transfer of all profits to the victims of a special operation in Ukraine.

Roman Abramovich decided to sell Chelsea

But due to British sanctions against Abramovich, which include an asset freeze, the sale of the club was put on hold. In order to continue to exist, Chelsea received a license to continue operations with restrictions that have already been reviewed several times.

It was also reported that as a result of the deal, Abramovich demanded repayment of Chelsea’s accumulated debt to him. According to The Times, the club advised the UK government and bidders to restructure the deal. The changes suggested that the sale of the club would also clear Fordstam Ltd’s (Chelsea’s parent company) debt to Camberley International Investments to the tune of £1.6bn (nearly $2bn). The latter company is registered abroad in Jersey.

The Times announces a solution to the debt problem that hinders the sale of Chelsea

The publication later reported that Chelsea had proposed a scheme to resolve the existing problem, under which £2.6 billion ($3.2 billion) of the club’s sale proceeds would go to the British government, which would immediately transfer £1 billion ($1.2 billion). ). ) to help Ukraine, and the remaining £1.6bn ($1.97bn) will be frozen in a government-controlled account until it is certain that this Camberley International Investments money cannot reach Abramovich. Abramovich’s spokesman denied reports of a refusal to write off Chelsea’s debt.

According to a club press release, £2.5 million ($3.08 billion) will be transferred to a frozen UK bank account with the intention of donating 100% to charity. Transferring funds from a frozen UK bank account will require UK government approval.

Abramovich will sell Chelsea. What will the Russian billionaire leave the club with?

The UK government said it would not allow the sale unless it was completely sure that Abramovich would receive no income.

“To be clear, Mr. Abramovich has no access to or control over these funds and will have no access to or control over these funds after the sale,” a spokesperson for Abramovich said. Despite the change in circumstances since his initial announcement, he remains committed to finding a good goalkeeper for Chelsea FC. and make sure the proceeds go to good causes.”


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