U.S. investor completes $5.4bn Chelsea FC takeover

Published

2 years ago

May 31, 2022

Chelsea Football Club is under new ownership, with U.S. billionaire Todd Boehly and Clearlake Capital behind the $5.4bn takeover

Signed, sealed, delivered. The Todd Boehly and Clearlake Capital consortium have been chosen as the preferred bidder, after a lengthy sale process.

The Chelsea Football Club believes “the Board and the Boehly/Clearlake group have a shared vision for the future of Chelsea Football Club.”

Consortium led by Todd Boehly and Clearlake Capital completes acquisition of Chelsea Football Club.
— Chelsea FC (@ChelseaFC) May 30, 2022

The club announced the news after months of doubts and legal uncertainty because of Russian sanctions rules.

Former owner Roman Abramovich has now completed the sale and ended his 19-year reign of the company.

The west moved to sanction Russia and its people, including oligarchs living abroad, amid the war in Ukraine.

Abramovich was then sanctioned by the UK Government, meaning the club operated within the constraints of the General Licence, until a new owner was found.

The sanctions also presented unique and unforeseen challenges to the sale process, and the selection was extremely thorough, with the club sifting through 250 bids.

In order to complete the transaction, the club needed approvals from all stakeholders and the U.K. Government.

The money from the purchase will eventually go to a humanitarian charity to help the victims after Russia’s invasion of Ukraine.

Abramovich will not benefit from the sale, despite pouring millions of his own wealth into the club.

Up Next

‘This is about the guns’ – why won’t Republicans budge on guns?

Don't Miss

EU leaders cut off a “huge source of financing” for Putin’s war machine

Holly Stearnes

U.S.-India pharmaceutical trade partnership?

Published

7 hours ago

May 8, 2024

ticker NEWS

The United States wants to diversify its supply chain and achieve affordable medicine resilience.

The Indian Pharmaceutical Alliance is urging a U.S.-India trade partnership to reduce reliance on foreign sources for both nations’ pharmaceutical supply chain.

The goal is to diversify both countries’ supply chain and achieve affordable medicine resilience.

Kathleen Jaeger, the President and CEO of The Center for American Medicine Resiliency joins Veronica Dudo to discuss. #IN AMERICA TODAY #trending #pharmaceutical #India #trade

Boeing’s bad luck continues following Starliner malfunction

Published

22 hours ago

May 7, 2024

Nathan Langridge

Long-awaited first crewed test flight of the new Starliner space capsule was called off over a technical issue that launch teams could not resolve in time.

Originally scheduled for liftoff from Florida’s Kennedy Space Center, the mission aimed to demonstrate Starliner’s capabilities and certify it for regular crewed flights to the ISS, as reported by Reuters.