DailyExpertNews
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Chelsea Football Club announced on Friday that terms have been agreed for a new ownership group, led by Todd Boehly, to buy the club in a deal worth more than $5 billion.
Boehly owns interests in the MLB’s Los Angeles Dodgers, the NBA’s Los Angeles Lakers and the WNBA’s Los Angeles Sparks.
Chelsea says the sale is expected to close later this month, “subject to all necessary regulatory approvals.”
A press release on Chelsea’s website reads: “Of the total investment being made, £2.5bn ($3.08bn) will be used to buy the shares in the club and such proceeds will be deposited into an escrow UK bank account with intent to donate 100% to charities as confirmed by Roman Abramovich UK Government approval is required to transfer proceeds from blocked UK bank account.
In addition, the proposed new owners will invest £1.75 billion ($2.16 billion) in further investments to the benefit of the club. This includes investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation.”
More to follow.
