Football: Chelsea FC Sale Agreed
By Prof Dr Ian Blackshaw
Chelsea FC have agreed to sell the Club for a sum of £4.25 billion to a consortium, led by billionaire Todd Boehly, the co-owner of LA Dodgers baseball team.
The sale will need the approval of the UK Government and also satisfy the English Premier League’s owners’ and directors’ tests, and the sale is hoped to be completed by the end of this month, when the current UK Government licence under which the Club is operating expires.
It is understood that the buyers have given an undertaking not to sell a majority stake in the Club before 2032, as well as assurances regarding dividends, management fees and debt.
The buyers will pay £2.5 billion for the Club’s shares and the proceeds will go into a frozen bank account to be donated to charity.
Also, the buyers have stated that they will invest £1.75 billion in the Club itself, including Stamford Bridge, the academy, the women’s team and Kingsmeadow, and also provide continued funding for the Chelsea Foundation.
The former owner of the Club, the Russian oligarch, Roman Abramovic, has stated that he will not ask for his loan of £1.5 billion to the Club to be repaid when the sale is completed.
All this appears to be a good outcome for the Club in the particular circumstances.
Prof Dr Ian Blackshaw may be contacted by e-mail at ‘
