The group of contenders of the American financier Todd Bohlie has agreed to acquire the Chelsea football club in a deal of £ 4.25 billion, which covers a week of intense negotiations on the fate of the English side, according to two knowledgeable people on the subject.
The biggest acquisition of a football club in history still requires the blessing of the Premier League and the UK government, these people said. They added that a green light would be official because Boehly’s consortium had been approved in advance.
The main sum of £ 4.25 billion includes the cost of buying Chelsea and commitments to invest in the West London club, although the exact split could not be determined. To protect Chelsea’s finances, the deal includes restrictions on management fees, dividend payments And debts, said two of the men.
This is the largest sum paid for a football club, exceeding the £ 790 million paid by the American Glazer family in a leveraged buyout to buy Manchester United, one of Chelsea’s Premier League rivals.
The agreed deal comes next Russian oligarch Roman Abramovich A sanction was imposed by the British government and forced to put the club up for sale when Moscow invaded Ukraine. The British government put him on the list of sanctions because of his proximity to Russian President Vladimir Putin.
Abramovich undertook to donate the net proceeds to charity, intention He repeated On Thursday.
Bohli’s team is set to usher in a new era for a club that relied on Abramovich’s fortune for two decades, when it became a power that won every great honor in football.
Chelsea has attracted private billionaires, sports tycoons and star athletes at an auction run by American Merchant Bank Rain GroupWhen the bidders called for a rare opportunity to buy one of the top football clubs in the world.
Clearlake Capital provides the financial firepower to Boehly’s group, which also includes Swiss billionaire Hansjörg Wyss, Guggenheim Partners CEO Mark Walter, and real estate investor Jonathan Goldstein. Daniel Finkelstein, a member of the Conservative Party in Britain and a columnist for the Times, also supports the proposal.
They repulsed private equity duo Josh Harris and David Blitzer, and another team led by basketball tycoons Stephen Paglioka and Larry Tennenbaum.
Raine selected Boehly as a “preferred bidder” last week, which gave the group a week of exclusive negotiation despite the eleven-hour offer from chemical mogul Jim Ratcliffe and UK-based Ineos Group, which did not participate in the official process.
How Chelsea is doing American-owned, closely watched the sport that came to look at the club’s spending power in the transfer market in envy. Under Abramovich, the club has won the Premier League championship five times and the UEFA Champions League tournament twice.
George Osborne, the former Chancellor of the United Kingdom, and the boutique consulting firm Robbie Warshaw are advising Bohlie’s group alongside Wall Street Goldman Sachs Investment Bank.
Boehly is the co-founder and CEO of Eldridge Industries, which is Connecticut-based, which invests in insurance, property management, technology, media and real estate.
The former president of Guggenheim Partners co-owns the Los Angeles Dodgers and LA Lakers basketball team.
Bohali took part in Chelsea’s 3-1 loss to Real Madrid last month in the UEFA Champions League, Europe’s most prestigious club tournament, with bidders performing due diligence on the property.
Bohlie and Goldstein considered a bid for rival Tottenham Hotspur in the Premier League in 2014, but canceled their plans.
The takeover adds another group of wealthy American investors to the Premier League. The Glazer family acquired Manchester United in 2005; John Henry’s sports fanway team controls Liverpool; Stan Kronka is the owner of Arsenal.
They are all known for owning American sports franchises. The Tampa Bay Buccaneers of the National Football League are owned by the Glazers, while Kronky owns the Los Angeles Rams, a rival NFL team. The Boston Red Sox baseball team is part of Fenway’s sports bag.
Todd Boehly agrees £4.25bn deal for Chelsea FC Source link Todd Boehly agrees £4.25bn deal for Chelsea FC