Chelsea to start new administration with Todd Boehly at the helm of the club

The Chelsea announced on Saturday that its sale to the consortium led by the American Todd Boehley, co-owner of the Los Angeles Dodgers baseball team, should be completed by Monday. The British government and premier league approved the purchase for 4.25 billion pounds ($5.3 billion).

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“Chelsea Football Club can confirm that a final and definitive agreement was reached last night to sell the club to the Todd Boehly/Clearlake Capital consortium,” the club said in a statement. “The transaction is expected to be finalized on Monday,” the text specifies.

The blues were put up for sale in early March, days after their Russian owner Roman Abramovichwas sanctioned by the British government due to the inUkraine’s invasion by Russia.

The British government considers Abramovich close to the Russian president Vladimir Putin. The oligarch has also been subject to sanctions from the European Union.

“Ownership of this club implies great responsibilities,” the Russian millionaire said in a statement posted on the website of the club, which he has owned for 19 years.

“My goal has been to make sure the next owner has the attitude that will allow the men’s and women’s team to be successful,” he explained.

“I am happy that this search has been successful. As I hand over the baton to the new owners, I wish them success on and off the pitch. Being part of this club has been an honour,” Abramovich continued.

The consortium that is going to buy Chelsea is led by Boehly, but the Californian investment company Clearlake Capital will have the majority of the capital of the club.

Other investors include US billionaire Mark Walter, who co-owns the Dodgers with Boehly, and Swiss billionaire Hansjörg Wyss.

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The Portuguese government also authorized the sale. Portugal’s approval was necessary, because Abramovich holds a Portuguese passport and resides in that country.

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