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Chelsea FC: Bidder Group Buys London Premier League Club Chelsea

The London football club is going to donors from the USA and Switzerland for a total volume of almost five billion euros. The proceeds are to be donated.

A consortium led by US entrepreneur and billionaire Todd Boehly takes over the London football club Chelsea FC. The purchase price for the Premier League club with coach Thomas Tuchel is 2.5 billion British pounds, which is the equivalent of a little more than three billion US dollars and around 2.9 billion euros. This was announced by the English football club. The total volume is 4.25 billion pounds (4.97 billion euros), the club said. 

In addition to the actual purchase price of £2.5 billion for the acquisition of the Chelsea shares, there are other investments. Around £1.75 billion will benefit the club directly and go towards Stamford Bridge, the women's team, the academy and the Chelsea Foundation, the Premier League club said.

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The sale is expected to close by the end of May, subject to all necessary regulatory approvals, it said.

British government has yet to agree

The Premier League and the British government still have to agree to the sale of the Champions League winner. This is necessary because the assets of the previous club owner, the oligarch Roman Abramovich, have been frozen in the course of the Russian war of aggression in Ukraine.

The group of buyers included the financial investor Clearlake Capital, the Swiss billionaire Hansjörg Wyss and the US entrepreneur Mark Walter. Boehly and Walter are also co-owners of the Los Angeles Dodgers baseball club. However, the largest stake in Chelsea is likely to be held by US investor Clearlake Capital in the future. The British chemical company Ineos and its boss Jim Ratcliffe probably entered the competition too late with a competing offer.

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The financiers around Boehly had been chosen by the New York commercial bank Raine to enter into so-called preferential talks with the top English club. Due to the sanctions against the Russian oligarch Abramovich, Chelsea are currently not allowed to sign any new players or extend contracts. In addition, strict financial requirements apply to the club.

The £2.5bn to buy the club's shares will be paid into a blocked UK bank account. As announced by Abramovich, the money should be donated “100 percent to charity”, Chelsea said. Abramovich recently denied speculation that he would benefit from the sale of Chelsea. For this reason, UK Government approval is also required to remit proceeds.

Abramowitch had put the club up for sale following Russia's invasion of Ukraine. He is subject to sanctions.

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