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The expected sale of Chelsea football club has been confirmed and will be the highest paid ever for a professional sports team.
The terms of the deal were reached with a consortium led by private Los Angeles Dodgers owner Todd Boelli and backed by Clearlake Capital.
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The deal is worth 4.25 billion pounds ($ 5.2 billion) for the reigning European champions.
A sign at the gate of Stamford Bridge Stadium, home of Chelsea Football Club, owned by Russian billionaire Roman Abramovich, in London, UK, on Wednesday, March 2, 2022 (Holly Adams / Bloomberg via Getty Images / Getty Images )
Included are 1.75 billion pounds ($ 2.2 billion) that are committed to investing in the stadium and the women’s team.
Russian billionaire Roman Abramovich, who has owned the team for nearly 20 years, is currently subject to sanctions by the British government and will donate all proceeds to charity.
CHELSIE OWNER ROMAN ABRAMOVIC AMONG RUSSIAN OLIGARS SANCTIFIED BY THE GOVERNMENT OF THE UNITED KINGDOM
Abramovich put the club up for sale in early March after his country’s invasion of Ukraine.
Chelsea football club owner Roman Abramovich attends the UEFA Women’s Champions League final football match in Gothenburg, Sweden, on Sunday 16 May 2021 (AP Photo / Martin Meissner, File / AP Newsroom)
Proceeds from the sale will be placed in a frozen bank account in the United Kingdom.
The deal is expected to be completed by the end of May and is still subject to the necessary approvals.
RUSSIA-UKRAINE WAR: RUSSIAN OLIGARCH ROMAN ABRAMOVIC SHOULD SELL CHELSIE AS PRESSURE
The price exceeds the $ 2.4 billion that billionaire hedge fund manager Steve Cohen paid for the New York Mets in 2020, according to Dealogic and reported by the Wall Street Journal.
Todd Boelli, co-founder, chairman and CEO, Eldridge, spoke at the Milken Institute’s global conference on May 2, 2022 in Beverly Hills, California. (Photo by PATRICK T. FALLON / AFP via Getty Images) (Photo by PATRICK T. FALLON / AFP via Getty Images) / Getty Images)
The Boehly group, which also includes Swiss billionaire Wyss, is in exclusive talks to buy the club after the late offer of British billionaire Jim Ratcliffe was rejected.
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Several groups have shown interest in the team, including Boston Celtics co-owner Stephen Palyuka and former British Airways chairman Martin Broughton, as well as a consortium led by the Chicago Cubs’ Rickets family.
Reuters contributed to this report.
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