For the latest from the pitch sign up for our football newsletter
Todd Boehly has signed a Chelsea agreement worth up to £4billion and will now be subject to government approval.
It follows an intense week of personal talks within the club while a deal is now hastening by the day. However, Boehly still faces two more hurdles before he can officially take over at Stamford Bridge.
Roman Abramovich put the club up for sale earlier this year after the UK government sanctioned him over his close links to Vladimir Putin. The Russian leader has been outright denounced over the invasion of Ukraine.
There had been concerns that Chelsea might have ceased to exist but Boehly and his consortium have ramped up their efforts to purchase the club. That is despite late pressure from Jim Ratcliffe, who lodged a bid this week in dramatic circumstances.
But the Raine Group, who have been overseeing the multi-billion takeover, have suggested the LA Dodgers owner, whose consortium includes Swiss billionaire Hansjorg Wyss, American businessman Mark Walker and British entrepreneur Jonathan Goldstein.
According to The Telegraph, the purchase agreement has been signed on Friday which is the biggest hurdle to clear in terms of buying the football club. While there are plenty of contracts still needing his signature, this was by far the most significant.
While it has not been confirmed, it has been reported that Clearlake Capital will own 60 per cent of the shares in Chelsea. Boehly will retain operational control, though this has been neither confirmed or denied by either party.
The £4bn deal will include over £2.5bn to buy Chelsea and a further £1bn committed to investing in the club's stadium, squad and academy. While not officially checked by the Premier League, they have already completed background checks on Boehly's consortium while the government are also keen to rubber-stamp the next owner.
- Chelsea FC
Source: Read Full Article