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Chelsea have said they expect Todd Boehly’s £4.25billion takeover to go through on Monday after confirming a ‘final and definitive agreement’ had been signed with the consortium led by the American businessman.
The announcement from Chelsea marks the official end to Roman Abramovich’s era and will see the Russian replaced as owner by Boehly and the Clearlake Capital group.
‘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,’ Chelsea said in a statement.
Chelsea said it expects Todd Boehly’s taekover of the club to go through on Monday
‘It is expected that the transaction will be completed on Monday. The Club will update further at that time.’
Abramovich declared his pride at his successful tenure – signing off with a statement saying his ownership of Chelsea had been ‘an honour of a lifetime’.
‘It has been nearly three months since I announced my intention to sell Chelsea FC,’ he said. ‘During this time, the team have worked hard to find the right custodian for Chelsea FC that would be best positioned to successfully lead the Club into its next chapter.
‘The ownership of this Club comes with great responsibility. Since I came to Chelsea nearly twenty years ago, I have witnessed first-hand what this Club can achieve. My goal has been to ensure that the next owner has a mindset that will enable success for the Men’s and Women’s team, as well as the will and drive to continue developing other key aspects of the Club, such as the Academy and the vital work of Chelsea Foundation.
The announcement from Chelsea marks the official end of the Roman Abramovich era
‘I am pleased this search has now come to a successful conclusion. As I hand over Chelsea to its new custodians, I would like to wish them the best of success, both on and off the pitch.
‘It has been an honour of a lifetime to be a part of this Club – I would like to thank all the Club’s past and current players, staff, and of course fans for these incredible years.
‘I am proud that as a result of our joint successes, millions of people will now benefit from the new charitable foundation which is being established. This is the legacy which we have created together. Thank you, Roman.’
The final hurdle in the takeover was cleared when the Portuguese government authorised Abramovich’s sale of the club earlier this week.
It came after the British government finally approved the takeover.
In a statement following Chelsea’s announcement, the club’s supporters’ trust said: ‘The Chelsea Supporters’ Trust would like to congratulate the consortium led by Todd Boehly on the takeover of Chelsea FC.
‘We wish you every success as the custodian of our club and look forward to a long, constructive and mutually beneficial relationship between you and Chelsea supporters.
‘The CST has been very encouraged by the interactions we have had with Mr Boehly and his team over recent months, but the hard work starts now.
‘It is now time to deliver both on and off the pitch in building a successful, inclusive and forward thinking club with supporters at the forefront.’
Abramovich is selling the club in the wake of strict financial sanctions on him from the UK government, following Russia’s invasion of Ukraine.
The latest development will come as huge relief to Chelsea fans, who had been concerned about the club’s future
The UK government stated the 55-year-old has ties to the country’s president Vladimir Putin, and subsequently froze all of his assets, including Chelsea.
The sanctions state Abramovich cannot make any direct or indirect financial gain from the sale, hence the proceeds being used for ‘humanitarian purposes’.
Boehly saw off competition from consortiums fronted by Stephen Pagliuca and Sir Martin Broughton and even a late £4.25bn bid from Britain’s richest man, Sir Jim Ratcliffe.
Boehly has been in attendance in a number of Chelsea matches towards the end of the season
A total of £2.5bn will ‘be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100 per cent to charitable causes as confirmed by Roman Abramovich’.
‘The other £1.75bn will be spent on ‘further investment for the benefit of the Club’, such as on Stamford Bridge, the academy, the Chelsea women’s team and the continued funding of the Chelsea foundation.’
LA Dodgers part-owner Boehly has a huge in-tray to deal with once the takeover is confirmed, including a potential new stadium, revamping the squad after several key departures and sorting out new contracts for key players.
Blues boss Thomas Tuchel will reportedly be given a war chest of £200million this summer to buy new players.
Chelsea are now poised to be the eighth Premier League club to be under American ownership – with other club chiefs from across the pond enjoying mixed success.
CEO Guy Laurence will step down after Todd Boehly’s £4.25billion takeover is complete
The club’s chief executive, Guy Laurence, will step down after the takeover has been completed.
Laurence is in charge of running day-to-day operations in west London had already decided to leave the club before the ownership change began but stayed on to ensure a smooth transition period.
It is unclear who will step into that role, with the search for a new executive underway under the Boehly’s led consortium, according to Goal.
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