American businessman, investor, and philanthropist, Todd Boehly has been confirmed as the new owner of English Premier League club, Chelsea.
Boehly became Chelsea’s new owner upon the completion of a £3.5billion takeover.
The American replaces Russian billionaire, Roman Abramovich as the Blues new boss.
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Boehly, a co-owner of the Los Angeles Dodgers, consortium was picked as preferred bidder to take over the club by Raine Group, the US bank overseeing the sale.
A statement on the Club’s website reads;
“Of the total investment being made, £2.5bn will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100% to charitable causes as confirmed by Roman Abramovich. UK Government approval will be required for the proceeds to be transferred from the frozen UK bank account.
“In addition, the proposed new owners will commit £1.75bn in further investment for the benefit of the Club. This includes investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation.
“The sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time.“
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