A consortium led by Todd Bowley has signed a deal to buy Chelsea, and the deal to end Roman Abramovich’s ownership will pass after approval by the Premier League and the UK government.
Boehly, the private owner of LA Dodgers baseball and founder of Eldridge Industries, is expected to be the consortium’s most public figure, although Chelsea’s largest stake will be held by US private equity firm Clearlake Capital.
Boehly has also partnered with fellow Dodgers owner Mark Walter, Swiss billionaire Hansorg Vis and British property builder Jonathan Goldstein. Under the agreement, Tory peer Daniel Finkelstein and publicist Barbara Charone will become non-executive directors of the club.
The group was selected as the preferred participant last Friday and secured an agreement despite late interest from Sir Jim Ratcliffe. The deal came under suspicion amid fears that Abramovich would reject his promise to write off Chelsea’s debt, but the Russian oligarch denied on Thursday that he wanted his £ 1.6bn loan to be repaid, and it turned out hours later. that the agreement will be concluded with the Boehly consortium.
Chelsea are working on a special license triggered by the government when it imposed sanctions on Abramovich and froze his assets following Russia’s invasion of Ukraine. This expires on May 31, allowing more than three weeks to complete the sale.
The Premier League must ensure that all members of the consortium pass the test of its owners and directors, and Chelsea must apply for a license from the government to complete the takeover. Abramovich said the net proceeds from the sale would go to charity.
A change of ownership would be a huge relief for Chelsea, who have been unable to sign new contracts and face an uncertain future. Nadine Doris, the culture minister, said last week that the European champions were on loan.
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