Premier League agree to sell Chelsea to US-led consortium

The Premier League, which organizes the Premier League, agreed on Tuesday to buy Chelsea by the consortium led by American businessman Todd Boehle. Negotiations were completed on May 6 and still need British government endorsement.

“The Premier League’s Board of Directors has today approved the proposed purchase of Chelsea Football Club by the consortium formed by Todd Boehle and Klerlake,” the FA announced. The club is now awaiting confirmation of the license granted by the government to finalize the final steps of the deal.

According to the league’s board of directors, the proposed purchase of the London club was approved by managers after being submitted to the due diligence process, a process by which the entity analyzes and investigates all data and information relating to the buyers.

The value of the negotiations amounted to 4.25 billion pounds, equivalent to 26.6 billion Brazilian riyals. The proposal was financially backed by Clearlake Capital. Mark Walter, president of the baseball franchise, and Swiss entrepreneur Hansorg Weiss are also involved in this field as well.

“Of the total investment, £2.5 billion will be applied to purchase club shares. This proceeds will be deposited into a UK frozen bank account with the intent to donate 100% to charitable causes,” Roman Abramovich confirmed. “Approval will be required,” Chelsea wrote in a statement. to transfer funds from a UK escrowed bank account.

The remaining funds (£1.75 billion) will be used to invest in Chelsea, youth teams, Stamford Bridge and the women’s team. In addition, part of the money should go to fund the Chelsea Foundation. The current European champion expects the sale to be completed by the end of the month.

The English club belongs to the Russian oligarch Roman Abramovich, who is being targeted by the British government for sanctions because of his links to President Vladimir Putin. Abramovich decided to sell the club after Russian forces invaded Ukraine at the end of February.