Chelsea reportedly sold to Todd Boehly consortium with contracts already signed
- Planet Sport writer
- 7 May 2022
Chelsea's future appears to have been secured ahead of expiration of special licence.
A consortium led by American Todd Boehly has reportedly signed a contract to buy Chelsea, and the deal will now go through subject to approval by the Premier League and the UK government.
The deal should bring an end to concerns the club's very existence is at risk, with Chelsea facing and unknown future following the freezing of Roman Abramovich's assets due to Russia's invasion of Ukraine.
The group fronted by Boehly was named as the preferred bidder last Friday, although UK billionaire Sir Jim Radcliffe launched an attempt to hijack the deal.
Boehly is an owner of US baseball franchise LA Dodgers and he will be the face of the consortium, although the biggest stake is expected to be held by private equity firm Clearlake Capital.
As well as Boehly, fellow Dodgers owner Mark Walter will be involved, as well as Swiss billionaire Hansjörg Wyss.
British property tycoon Jonathan Goldstein will also play a part.
Additionally, as per an agreement with the UK government, Tory peer Daniel Finkelstein and publicist Barbara Charone will take up no-executive director roles.
Last week the deal appeared to be in serious danger amid reports Abramovich was ready to withdraw his vow to write off a £1.6bn loan to the club, although he quickly denied those claims.
The deal comes just in time for Chelsea, who only have a licence to operate until May 31.
Abramovich has also stated that all of the net proceeds from the sale will go directly to charity supporting the people of Ukraine.
