Who is new Chelsea owner Todd Boehly?
Chelsea FC have confirmed that terms have been agreed with a consortium led by LA Dodgers part-owner Todd Boehly and backed by Clearlake Capital over the acquisition of the English Premier League club.
Chelsea FC have confirmed that terms have been agreed with a consortium led by Los Angeles Dodgers part-owner Todd Boehly and backed by Clearlake Capital over the acquisition of the English Premier League side.
The Stamford Bridge-based outfit announced the 4.25 billion pound ($5.2 billion) deal for the reigning European champions in a statement issued in the early hours of Saturday, subject to receiving the required approvals.
“Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the club,” the statement said.
“The sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time.”
Chelsea said the new owners would pay 2.5 billion pounds to purchase shares while committing a further 1.75 billion pounds to invest in the stadium, women’s team, the academy and the Chelsea Foundation.
The statement confirmed all proceeds would be placed in a frozen UK bank account and Russian owner Roman Abramovich, who is currently subject to sanctions by the British government, would donate all of the proceeds to charitable causes.
The announcement comes with just over three weeks remaining on the club’s current operating licence, which expires on May 31. Abramovich put the club up for sale in early March following his country’s invasion of Ukraine.
He cleared the path for the takeover on Thursday after dismissing reports he wanted a loan given to the club, reportedly worth 1.5 billion pounds ($1.9 billion), to be repaid.
The Boehly group, which also includes Swiss billionaire Wyss, were in exclusive negotiations to buy the club after a late bid from British billionaire Jim Ratcliffe was rejected.
Who is Todd Boehly?
The 48-year-old Boehly is the figurehead of the group that will buy Chelsea with the American who graduated from the London School of Economics, first working for several major U.S. banks, including Citibank, before joining financial services giant Guggenheim Partners in 2001 and later becoming its chairman.
In 2015, the father of three left Guggenheim Partners to create Eldridge Industries, which is active in banking, insurance, real estate, technology, media, sports and restaurants. His portfolio of assets includes the American music magazine Billboard, Bruce Springsteen’s catalog of songs and music rights and Cirque du Soleil.
The Chelsea acquisition is not Boehly’s first investment in professional sports. In 2013, he bought the Los Angeles Dodgers baseball franchise from Frank McCourt, current owner of Olympique de Marseille, along with other investors including Mark Walter, who was also involved in the Chelsea bid, and former NBA basketball legend Magic Johnson.
Since then, he has acquired a stake in the famous Los Angeles Lakers basketball team, as well as in the LA Sparks women’s professional basketball team.
His personal fortune is estimated by Forbes magazine at 4.5 billion dollars, which ranks him 637th in the world’s wealthiest people in 2022 by the American magazine.
Boehly who was a keen wrestler in his teenage years also tried to buy Chelsea in 2019 and he currently divides his life between Los Angeles and Connecticut.