May 16, 2022

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Dodgers part owner, Todd Boley, wins bid to buy Chelsea FC

Dodgers part owner, Todd Boley, wins bid to buy Chelsea FC

A group of investors led by Todd Boyle, part owner of the Dodgers company, has agreed to buy Chelsea Football Club from sanctioned Russian oligarch Roman Abramovich.

The club announced on Friday that the new ownership group, which also includes investment firm Clearlake Capital, co-owner of Mark Walter’s Dodgers and Swiss billionaire Hansjoerg Wyss, is buying the London-based Premier League side for 4.25 billion pounds ($5.25 billion). ).

The team said in a statement that the transaction is expected to be completed in late May “subject to all necessary regulatory approvals.”

Abramovich put the club on the market in early March after the Russian invasion of Ukraine. The consortium led by Boehly — an investment banker who co-founded the Connecticut holding company Eldridge Industries — outperformed groups that include one led by Celtics co-owner and Bain Capital co-chair Stephen Pagliuca and another by Philadelphia 76ers owners Josh Harris and David Pletzer.

Chelsea’s new owner Todd Boehle (centre) celebrates a goal during a game against Wolverhampton on Saturday.
AFP via Getty Images
Chelsea confirmed on Saturday that a consortium led by Los Angeles Dodgers co-owner Todd Boehle has bought the Premier League club for £4.25 billion.
Chelsea on Saturday confirmed the sale of the club for £4.25 billion.
AFP via Getty Images

Of the total ongoing investment, £2.5 billion [about $3 billion] It will be applied to purchase shares in the club and these proceeds will be deposited into a UK frozen bank account with the intent to donate 100% to charitable causes as confirmed by Roman Abramovich,” Chelsea’s statement said. “… In addition, the proposed new owners will commit $1.75 billion pound [about $2.16 billion] In further investment for the benefit of the club.”

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