The £4.25 billion purchase of Chelsea by Boehly has been completed.

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The £4.25 billion purchase of Chelsea by Boehly has been completed.

 

Roman Abramovich’s 19-year ownership of Chelsea is about to come to an end, with the team having won 21 trophies, including five Premier League crowns and two Champions Leagues.

 

Abramovich purchased the club for £140 million from Ken Bates in 2003 and will not profit from the sale.

 

Chelsea has been purchased for £4.25 billion by a Todd Boehly-led group.

 

When months of discussions, the deal was finally allowed after the government secured legal assurances that Roman Abramovich, whose UK assets had been frozen, would not profit from the sale.

 

Russian-Israeli billionaire Abramovich put Chelsea, which he purchased in 2003, up for sale on March 2, a week after Vladimir Putin invades Ukraine on February 24.

 

“Last night the Government issued a license that permits the sale of Chelsea,” said culture secretary Nadine Dorries. “Given the sanctions, we placed on those linked to Putin and the bloody invasion of Ukraine, the club’s long-term future can only be secured under a new owner.

 

“We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals. I want to thank everyone, especially officials who’ve worked tirelessly to keep the club playing and enable this sale, protecting fans and the wider football community.”

 

On Tuesday night, the Premier League approved the takeover, with its board applying “the Premier League’s Owners’ and Directors’ Test (OADT) to all prospective Directors” and undertaking “the necessary due diligence”.

 

Sky Sports News understands that the proceeds of the sale are going into a frozen bank account controlled by the government.

 

Chelsea has been operating under a special government license, which expires on May 31, albeit with restrictions over signing and selling players and offering new contracts to stars.

 

Boehly, co-owner of the LA Dodgers baseball team, and fellow consortium member Hansjörg Wyss were at Stamford Bridge for Sunday’s final 2-1 win over Watford.

 

US magnate Boehly will become Chelsea’s controlling owner once the takeover is complete, though California investment firm Clearlake Capital will assume the majority shareholding.

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