May 7, 2022 - Sports

Chelsea FC agrees to terms for sale

Photo: Justin Tallis TALLIS/AFP via Getty Images

Chelsea Football Club has agreed to terms to be acquired by a new ownership group, the soccer club confirmed in a statement on Friday.

The big picture: Chelsea FC is owned by Russian oligarch Roman Abramovich, but he turned over "stewardship and care" of the club to its charitable foundation in February in the wake of Russia's invasion of Ukraine.

  • The proposed new owners will pay £2.5 billion pounds to buy the club's shares and will also invest £1.75 billion pounds in the "further investment for the benefit of the Club."

Between the lines: Abramovich, who announced in March that he would sell the team, was one of seven Russian oligarchs to have their assets frozen by the United Kingdom's government.

  • He said that net proceeds from the sale would be used to set up a charitable foundation "for the benefit of all victims of the war in Ukraine."
  • The proceeds will be deposited into a frozen U.K. bank account and the government will need to approve any transfers from the account, per the statement.

Details: The new ownership group is led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, according to the statement.

  • The sale is expected to be completed in late May.
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