TheCable

An American consortium led by Todd Boehly, co-owner of the Los Angeles Dodger baseball team, has officially completed the acquisition of Chelsea FC for £4.25 billion.

The sale of the English club was confirmed in a statement published on The Blues’ website on Monday.

The club confirmed that the takeover by the new owners has “received all necessary approvals from the government of the United Kingdom, The Premier League, and other authorities.”

Aside from Boehly, other members of the consortium include Mark Walters, Hansjoerg Wyss, the Swiss billionaire, and Clearlake Capital.

Boehly and Clearlake will share joint control and equal governance of the club, while the former will serve as chairman of the holding company.

“The consortium led by Todd Boehly, chairman and CEO of Eldridge, and Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”), today announced the completion of the ownership transfer of Chelsea Football Club (“Chelsea FC” or “the Club”),” the statement read.

“The consortium also includes Hansjörg Wyss, founder of the Wyss Foundation, and Mark Walter, co-founder and CEO of Guggenheim Capital. Walter and Boehly are owners of the Los Angeles Dodgers, the Los Angeles Lakers, and the Los Angeles Sparks. The transaction has received all necessary approvals from The Government of the United Kingdom, The Premier League, and other authorities.

“Under the terms of the agreement, Boehly and Clearlake will share joint control and equal governance of the club. Boehly will serve as chairman of the holding company.

“Boehly and Clearlake are committed to investing in key areas that will extend and enhance Chelsea’s competitiveness, including the redevelopment of Stamford Bridge, further investment in the Academy, the Women’s Team, and Kingsmeadow stadium. The owners will also continue the important work of the Chelsea Foundation.”

Speaking on the acquisition, Boehly said the plan of the consortium is to “invest in the club for the long-term and build on Chelsea’s remarkable history of success.”

“We are honoured to become the new custodians of Chelsea Football Club. We’re all in – 100% — every minute of every match. Our vision as owners is clear: we want to make the fans proud,” the billionaire said.

“Along with our commitment to developing the youth squad and acquiring the best talent, our plan of action is to invest in the club for the long-term and build on Chelsea’s remarkable history of success. I personally want to thank ministers and officials in the British government, and the Premier League, for all their work in making this happen.”

The sale of the club marks the end of Roman Abramovich’s 19-year tenure as Chelsea’s owner.

The Russian oligarch was forced to sell Chelsea after the UK government sanctioned him due to his ties with Vladimir Putin, the Russian president, who ordered the invasion of Ukraine.

Boehly, the new owner, is an investor and businessman with a net worth of around £3.6 billion, according to Forbes.

Apart from his co-ownership of LA Dodgers, the 46-year-old American also co-owns Los Angeles Sparks, a US women’s basketball team, and has a minority stake in LA Lakers, a leading basketball franchise in the NBA.