Billionaire Boehly’s Group Gets Chelsea FC From Abramovich—With U.K. Approval

Topline

The Premier League announced Tuesday it approved billionaire Todd Boehly’s bid to purchase Chelsea FC from longtime owner Roman Abramovich, leaving the final step of the sale up to the U.K. government before the takeover is complete.

Key Facts

The Premier League board said in a statement it approved the takeover after all prospective board members passed its owners and directors test.

The members of the consortium include Boehly, billionaire Swiss businessman Hansjorg Wyss, billionaire Mark Walter, who co-owns the Los Angeles Dodgers with Boehly, and Clearlake Capital Group.

Chelsea FC is in talks with the British government to secure the “necessary licenses” to clear the purchase and complete the takeover, according to the Premier League.

The Guardian reports the British government wants to ensure that none of the proceeds will go to Abramovich, whom the U.K. sanctioned in March, prior to approving the sale.

What To Watch For

A spokesperson for British Prime Minister Boris Johnson said Tuesday the government is “holding intense discussions” with Chelsea to progress the sale, and that Johnson’s office will provide further details as soon as it can.

Big Number

$5.2 billion. That’s how much Boehly’s consortium will pay for Chelsea FC—a record price for a professional sports team—according to multiple reports. The previous record for a team was in 2019 when Joe Tsai paid about $3.3 billion for the Brooklyn Nets and operating rights to the Barclays Center.

Key Background

Abramovich, a Russian billionaire with a net worth Forbes still estimates at about $9.1 billion, purchased Chelsea for about $190 million in 2003. Abramovich announced he would be selling the team in early March amid pressure from British politicians over his reported ties to Russian President Vladimir Putin after Russia invaded Ukraine. The U.K. sanctioned Abramovich days later, upending his plans to sell the team and donate the proceeds to the victims of the war in Ukraine. A large pool of billionaires set out to purchase the team, including Britain’s richest man Sir James Ratcliffe and the Ricketts family, owners of the Chicago Cubs.

Further Reading

Boehly-Led Group Strikes Deal To Buy Chelsea FC (Forbes)

Billionaires Square Off Over Chelsea FC: Todd Boehly Enters Talks To Acquire Club—But Sir James Ratcliffe Submits Bid (Forbes)

Russian Billionaire Roman Abramovich To Sell Chelsea FC–Donate Proceeds To Help Victims In Ukraine (Forbes)