Todd Boehly has completed the Chelsea takeover. The American financier and Clearlake Capital now own the controlling interest of the club. A statement on Chelsea website confirms that Roman Abramovich has completed the sale of the club. The sales process began on March 2nd, when Roman Abramovich announced his intentions to sell the club. The Russian billionaire selected Todd Boehly’s bid among 12 others.

After 19 successful years under Roman, Chelsea will now enter into a new era under Boehly, who has promised to keep the West London side competitive.

Sanctions

Chelsea are now free from Roman Abramovich’s sanctions. That also means the club can now go after summer transfers targets and renew contracts of players.

A confirmation statement on Chelsea Takeover on the Club’s website reads

The consortium led by Todd Boehly, chairman and CEO of Eldridge, and Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”), today announced completion of the ownership transfer of Chelsea Football Club (“Chelsea FC” or “the Club”). The consortium also includes Hansjörg Wyss, founder of the Wyss Foundation, and Mark Walter, co-founder and CEO of Guggenheim Capital. Walter and Boehly are owners of the Los Angeles Dodgers, the Los Angeles Lakers, and the Los Angeles Sparks. The transaction has received all necessary approvals from The Government of the United Kingdom, The Premier League, and also other relevant authorities.

Also, Under the terms of the agreement, Boehly and Clearlake will share joint control and equal governance of the Club. Boehly will serve as chairman of the holding company.

Boehly and Clearlake are committed to investing in key areas that will extend and enhance Chelsea’s competitiveness, including the redevelopment of Stamford Bridge, further investment in the Academy, the Women’s Team, and Kingsmeadow stadium. The owners will also continue the important work of the Chelsea Foundation.

“We are honoured to become the new custodians of Chelsea Football Club,” said Boehly. “We’re all in – 100% — every minute of every match. Our vision as owners is clear: we want to make the fans proud. Along with our commitment to developing the youth squad and acquiring the best talent, our plan of action is to invest in the Club for the long-term and build on Chelsea’s remarkable history of success. I also personally want to thank ministers and officials in the British government, and the Premier League, for all their work in making this happen.”

Chelsea Chelsea Takeover Todd Boehly