Chelsea are finally free from all forms of sanctions as Todd Boehly-led consortium complete a £4.25 billion takeover of the Premier League club on May 30, 2022.
Recall that before now, Chelsea was not permitted to buy, sell, and extend contracts of players. They were not also allowed to sell match tickets for home games and sale merchandise. Above all, the government of the United Kingdom froze the club’s UK accounts.
The club suffered all these limitations due to the sanctions slammed on the former owner of the club, Roman Abramovich as a punishment for having ties with Russia’s President Vladimir Putin who ordered the invasion of Ukraine.
A few days before the sanctions, the Russian billionaire put up the club for sale on March 2, 2022, due to the criticism he and the club were subjected to over the bloody activities of Russia in Ukraine.
After a series of bidders, an investment group led by Todd Boehly and Clearlake Capital won the bid to buy Chelsea. But it took the government and the Premier League weeks to approve the bid because they were trying to ensure that the proceeds from the purchase didn’t get to any sanctioned individual.
On May 30, the club announced Todd Boehly and Clearlake Capital led consortium as the new owners of Chelsea football club which means that the sanctions slammed on Abramovich no longer have an impact on the Premier League club.
The vision of Todd Boehly and the Clearlake Capital led consortium
After Todd Boehly and Clearlake Capital led consortium completed the takeover of Chelsea on May 30, the group published a statement on the Chelsea website which is regarded as the vision of the group for the Premier League club.
In the statement, the group stressed its full involvement in the club, adding that its vision is to buy the best players for the club, invest in the club’s academy, build on the club’s successes, and make the fans proud.
The statement read: “We are honored to become the new custodians of Chelsea Football Club. We’re all in – 100 percent – every minute of every match.
“Our vision as owners is clear: We want to make the fans proud. Along with our commitment to developing the youth squad and acquiring the best talent, our plan of action is to invest in the club for the long-term and build on Chelsea’s remarkable history of success.”
While Todd Boehly, the face of the consortium added: “I personally want to thank ministers and officials in the British government, and the Premier League, for all their work in making this happen.”
On the other hand, the sports minister in the UK, Nigel Huddleston, tweeted after the completion of the takeover that the completion of the takeover process is a great relief to Chelsea’s fans.
“The sale of Chelsea has now been completed – a great relief to Chelsea fans around the country and indeed the world”, he tweeted on Monday, May 30.
“The takeover means that the club is no longer subject to the sanctions imposed on Roman Abramovich, and can look ahead to a secure long-term future.”
The sale of @ChelseaFC has now been completed – a great relief to Chelsea fans around the country and indeed the world.— Nigel Huddleston MP (@HuddlestonNigel) May 30, 2022
The takeover means that the club is no longer subject to the sanctions imposed on Roman Abramovich, and can look ahead to a secure long-term future. 1/2 https://t.co/HvX0nAqgLt
Who is the owner of Chelsea?
Chelsea football club is currently owned by Todd Boehly and Clearlake Capital led consortium. The group paid £4.25 billion to buy the club from Roman Abramovich who was the owner of the club from 2003 to 2022.
Out of the £4.25 billion that was used to purchase the club, £1.75 billion will be used to invest in the club within the next ten years.
Even though Clearlake Capital is currently the majority stakeholder of Chelsea football club, Todd Boehly, the co-owner of the Los Angeles Dodgers serves as the chairman of Chelsea’s holding company.
A statement from the group said Todd Boehly and Clearlake Capital will “share joint control and equal governance of the club” from May 30, 2022.
Consortium led by Todd Boehly and Clearlake Capital completes acquisition of Chelsea Football Club.— Chelsea FC (@ChelseaFC) May 30, 2022