Xtra Time Web Desk : Chelsea Football Club is all set to be purchased by a consortium led by American investor Todd Boehly, this taking over the rights and putting an end to the Roman Abramovich era.
The £4.25 billion deal between Boehly’s consortium, also the owners of baseball team LA Dodgers and the club is still awaiting permission from the Premier League and the UK government, but it is likely to be closed later this month.
Earlier, the Blues’ previous owner Roman Abramovich was sanctioned for his alleged ties to Russian President Vladimir Putin following the invasion of Ukraine, following which the club was placed up for sale.
About the above development, Chelsea football club in a statement issued on Saturday morning stated, “Of the total investment being made, £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% to charitable causes as confirmed by Roman Abramovich. UK Government approval will be required for the proceeds to be transferred from the frozen UK bank account.
In addition, the proposed new owners will commit £1.75bn in further investment for the benefit of the Club. This includes investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation.
The sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time.”
Now, with the Abramovic reign coming towards the end, it will be interesting to see how the new owners help in making Chelsea reach greater heights.