Todd Boehly has been officially named the new owner of Chelsea, ending Roman Abramovich’s highly successful 19 years at the helm of the club.
Boehly got his £ 4.25bn offer for the club accepted earlier this month, after being announced as the club’s preferred bidder at the end of the initial bidding period.
The consortium led by Todd Boehly and Clearlake Capital completes the acquisition of Chelsea Football Club.
– Chelsea FC (@ChelseaFC) May 30, 2022
It took several weeks for things to move for the Premier League squad, due to complications related to the freezing of his Abramovich assets by the UK government.
It was feared that the Russian oligarch would benefit from the sale of the club but, once the government said it was happy it wouldn’t, it accepted the consortium’s offer.
The money will be frozen in a UK account and then released to support humanitarian causes in Ukraine following the Russian invasion of the country.
Abramovich put the club up for sale in early March, just a week after the invasion, before its assets were frozen.
During his nearly two decades at the club, the 55-year-old transformed the Blues from a team fighting to break into the league’s top four into one of the best teams in Europe.
In England they won five Premier League titles, five FA Cups and three League Cups during the time, and had continental success with two Champions League and two Europa League victories.
Abramovich spent billions on players and changed the football transfer landscape, before state clubs upped the ante once again.
Boehly takes over a club that was still competitive this season, finishing third in the league, amidst a backdrop of upheaval and fans not being able to purchase tickets for the matches.
The American is not as rich as Abramovich and there have previously been warnings that the club will not spend as much, but it is unlikely that it will not invest large sums again this summer.
The 48-year-old is also a co-owner of the Los Angeles Dodgers in Major League Baseball and the LA Lakers of the NBA, as well as owning the Draftkings betting site.
Since taking control of the Dodgers in 2012, the franchise has passed its conference in all but two years and has won the World Series twice, even losing on one occasion.