The sale of Premier League club Chelsea is set to close on Monday after a “final and definitive” agreement was reached with the consortium led by Los Angeles Dodgers co-owner Todd Boehly.
The club said on Saturday that “a final and definitive agreement was reached last night” to sell to the Boehly consortium and Clearlake Capital. The price tag is 2.5 billion pounds ($3.2 billion) – the highest ever for a sports team.
“The transaction is expected to be finalized on Monday,” the club said.
The announcement follows a series of approvals allowing Roman Abramovich to sell after he was sanctioned for his ties to Russian President Vladimir Putin following the invasion of Ukraine. Abramovich has owned the club for 19 years.
The British government, which had sanctioned Abramovich, approved the sale this week after assuring the Russian oligarch could not profit from it. The Premier League had previously agreed.
Chelsea have been operating under a government license since Abramovich’s assets were frozen in March and it expires on Tuesday.
“It has been a lifetime honor to be part of this club,” Abramovich said in a statement posted on Chelsea’s website.
“My goal has been to ensure that the next owner has a mindset that will enable the success of both the men’s and women’s team, as well as the willingness and drive to continue to develop other key aspects of the club, such as the academy and the vital work of the Chelsea Foundation,” he added.
The men’s team has won 21 trophies under Abramovich’s ownership. Chelsea fans have grown accustomed to lavish spending under Abramovich, with more than $1 billion net spent on players.
Boehly Group was chosen earlier this month after pledging to invest 1.75 billion pounds ($2.2 billion) in teams and infrastructure.
The consortium also includes Dodgers principal owner Mark Walter, Swiss billionaire Hansjorg Wyss and funding from private equity firm Clearlake.
“I am happy that this research has now come to a successful conclusion,” Abramovich said.
“As I hand over Chelsea to their new goalkeepers, I would like to wish them the best of success, both on and off the pitch.”
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