Chelsea confirms it has sold the football club to new owner

Chelsea has confirmed that it has sold the English football club.

Sky Sports reported that the club had agreed a £4.25 billion (Sh626.6 billion) offer from American billionaire Todd Boehly.

In an official statement on Saturday, May 28, the football club said the sale to Boehly will be completed on Monday, May 30.

Todd Boehly (pictured) takes over Chelsea FC from Roman Abramovich. [Courtesy of Sky Sports]

“Chelsea Football Club can confirm that a final and definitive agreement was entered into last night (Friday, May 27) to sell the Club to the Todd Boehly/Clearlake Capital consortium. It is expected that the transaction will be completed on Monday. The Club will update further at that time,” said Chelsea on its official website.

The 46-year-old American takes over the club from 55-year-old Russian billionaire Roma Abramovich, whose ownership proved untenable after Western nations sanctioned Russia for invading Ukraine.

Abramovich has owned Chelsea since 2003, and the club have won 21 trophies in 19 years during his stewardship.

The Boehly-Clearlake consortium, which agreed terms to acquire Chelsea for £4.25 billion (Sh626.6 billion) in earlier May, passed the Premier League Owners' and Directors' Test, the league said on Tuesday, May 24, paving the way for the club's takeover.

Roman Abramovich has owned Chelsea since 2003. [File, Standard]

The proposal was also approved by the British government.

Boehly's business interests are vast and varied. 

Through holding company Eldridge Industries, he has invested in Bruce Springsteen's back catalogue, while he has also invested in the company which owns the restaurant chain Le Pain Quotidien and Chuck E Cheese pizza parlours in the United States.

Boehly is an owner of the Los Angeles Dodgers, the Los Angeles Lakers, the Los Angeles Sparks, Cloud9, and DraftKings.

He is the chairperson of Security Benefit, and MRC, which owns dick clark productions, and has investments in A24, Fulwell 73, and Penske Media, which owns Billboard, Rolling Stone, Variety, and The Hollywood Reporter. 

Eldridge has made investments in over 70 operating businesses.

Boehly is also on the boards of the Los Angeles Lakers, Flexjet, PayActiv, CAIS, Cain International, Kennedy Wilson, Vivid Seats and Horizon Acquisition Corporation II.