A group of investors led by Dodgers part-owner Todd Boehly has agreed to purchase Chelsea Football Club from sanctioned Russian oligarch Roman Abramovich.
The new ownership group, which also features investment firm Clearlake Capital, another Dodgers co-owner in Mark Walter and swiss billionaire Hansjoerg Wyss, is buying the London-based Premier League team for £4.25 billion ($5.25 billion), the club announced Friday.
The deal is expected to be completed in late May “subject to all necessary regulatory approvals,” the team said in a statement.
Abramovich put the club on the market in early March following Russia’s invasion of Ukraine. The consortium led by Boehly — an investment banker who co-founded Connecticut-based holding company Eldridge Industries — beat out groups that included one led by Celtics co-owner and Bain Capital co-chair Stephen Pagliuca and another by Philadelphia 76ers co-owners Josh Harris and David Blitzer.
Boehly watched on as Chelsea blew a two-goal lead in an eventual 2-2 tie with Wolverhampton on Saturday.
“Of the total investment being made, £2.5bn [about $3 billion] will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100% to charitable causes as confirmed by Roman Abramovich,” Chelsea’s statement said. “… In addition, the proposed new owners will commit £1.75bn [about $2.16 billion] in further investment for the benefit of the Club.”