Topline
A group led by Todd Boehly, the billionaire part-owner of the Los Angeles Dodgers and Lakers, has reached a deal to buy famed English soccer club Chelsea F.C., multiple publications reported late Friday, ending a historic bidding war over perhaps the most high-profile asset impacted by sanctions over Russia’s invasion of Ukraine.
A Chelsea flag waves during the UEFA Champions League match between Chelsea and Liverpool at … [+]
Key Facts
The deal to buy the club is just shy of $5 billion, according to the Wall Street Journal, which would shatter the sale price record for a professional sports team, beating out the roughly $3.3 billion Joe Tsai paid for the Brooklyn Nets and operating rights to the Barclays Center in 2019.
The U.K. government must approve the sale for it to become official.
Abramovich has long denied close ties to Russian President Vladimir Putin and reportedly met with Ukrainian officials after the invasion in an attempt to broker a peace deal.
Key Background
The sale of London’s marquee soccer club sparked interest from several heavyweight bidders, including Boston Celtics co-owner Stephen Pagliuca and Sir James Ratcliffe, the richest man in Britain. Chelsea had immense success under Abramovich, rising from middle of the table in the Premier League to an international powerhouse. The club won five Premier League titles, five FA Cups and twice were champions of the UEFA Champions League under Abramovich’s ownership, which began in 2003. Proceeds from the forthcoming sale are expected to be split between charitable donations and reinvestment in the team.
Further Reading
Boehly-Led Group Said to Have Reached Deal to Buy Chelsea F.C. (Wall Street Journal)
Source: https://www.forbes.com/sites/nicholasreimann/2022/05/06/boehly-led-group-strikes-deal-to-buy-chelsea-fc/