Chelsea's record-setting sale
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Illustration: Aïda Amer/Axios
Chelsea was sold for $3.1 billion on Friday to a group led by American investor Todd Boehly, also a part owner of Los Angeles' Dodgers, Lakers and Sparks.
Why it matters: That's the most ever spent on a sports team, shattering the previous record set in 2020 when Steve Cohen bought the New York Mets for $2.4 billion. Seven teams have now joined the $2 billion-sale club.
- ⚽️ Chelsea: $3.1B (Boehly, 2022)
- ⚾️ Mets: $2.4B (Cohen, 2020)
- 🏀 Nets: $2.35B (Joe Tsai, 2019)
- 🏈 Panthers: $2.28B (David Tepper, 2018)
- 🏀 Rockets: $2.2B (Tilman Fertitta, 2017)
- ⚾️ Dodgers: $2B (Guggenheim Baseball Management, 2012)
- 🏀 Clippers: $2B (Steve Ballmer, 2014)
Details: The sale goes well beyond that $3.1 billion, with Boehly's group committing an additional $2.14 billion investment in the club, including upgrading or replacing Stamford Bridge, their 145-year-old stadium.
The big picture: Exactly half of the Premier League's 20 teams are now at least minority-owned by Americans, part of a larger trend across Europe.
- Majority (7): Chelsea (Boehly); Liverpool (John Henry); Manchester United (Glazer family); Arsenal (Stan Kroenke); Aston Villa (Wes Edens); Crystal Palace (John Textor, Josh Harris, David Blitzer); Burnley (ALK Capital)
- Minority (3): West Ham (Albert Smith); Manchester City (Silver Lake Partners); Leeds (49ers Enterprises)
Between the lines: This process has been unorthodox, to say the least, happening under the shadow of extreme sanctions levied on soon-to-be-former owner Roman Abramovich, a "pro-Kremlin" Russian oligarch whose U.K. assets were frozen in March.
What's next: The U.K. government is expected to approve the sale by the end of May, at which point 100% of the funds will be donated to charitable causes, including to victims of the war in Ukraine.
