Chelsea confirm agreement for Todd Boehly takeover with deal expected on Monday

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Chelsea have confirmed an agreement is now in place with Todd Boehly to purchase the club.

Boehly was one of the first potential buyers to show an interest in club after Roman Abramovich announced he would be selling the Premier League giants after 19 years as owner.

Last month, the American billionaire's consortium was chosen as the preferred bidder, despite Sir Jim Ratcliffe coming in with a late offer of over £4billion. In a statement on the club's official website, Chelsea announced that a "definitive agreement" has now been reached with Boehly and his consortium for the sale of the Blues.

The statement read: "Chelsea Football Club can confirm that a final and definitive agreement was entered into last night to sell the Club to the Todd Boehly/Clearlake Capital consortium. It is expected that the transaction will be completed on Monday. The Club will update further at that time."

Earlier this week, the Premier League formally approved the Boehly-led takeover that is worth £4.25 billion ($5.33 billion). A day later, the UK government issued a licence that allowed the sale to go through.

However, Chelsea's statement this morning (May 28) is confirmation that the club's ownership saga is almost at an end. The situation began in March when Abramovich put Chelsea up for sale following Russia's invasion of Ukraine.

Just over a week later the UK government announced sanctions against the Russian oligarch, making his position as the club's owner untenable. Chelsea were allowed to continue playing under a special license, but since then the race has been on to find a buyer for one of the Premier League's biggest clubs.

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Plenty of prospective new owners have been linked with buying the Stamford Bridge outfit, including petrochemicals billionaire Sir Jim Ratcliffe, the Rickets family and British property developer Nick Candy.

But late last month Boehly's consortium was named as the preferred bidder for the Blues. Since then, it has been a matter of ironing out the details, including where the fee to purchase the club would go.

The proceeds from the sale will be frozen in a UK bank account until the government has received assurances that the money will go to support humanitarian causes in Ukraine, as promised by Abramovich.

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  • Chelsea FC
  • Breaking News
  • Premier League
  • Roman Abramovich

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