Football

Finally, Todd Boehly wins race to buy Chelsea

Published

5 years ago

April 30, 2022

Todd Boehly has reportedly won the race to buy Chelsea after agreeing a deal worth £3.5billion. The Blues were put up for sale by their Russian oligarch owner Roman Abramovich in March following his country’s attack on Ukraine.

According to The Telegraph, the American will be confirmed as the club’s preferred buyer, although there has been no official confirmation from the Boehly group, Chelsea or Raine, the bank overseeing the sale.

Boehly’s bid had made it onto the final shortlist, which also included consortiums fronted by Stephen Pagliuca and Sir Martin Broughton. Sir Martin Broughton’s bid had been backed with £10million apiece from F1 star Lewis Hamilton and tennis ace Serena Williams. But the sporting big-hitters will now have to turn their attentions elsewhere if they want to enter the world of football ownership.

Boehly also faced competition from Britain’s richest man Jim Ratcliffe, who entered the fray at the 11th hour after submitting a bid of £4bn. The owner of the Ineos company had even reportedly met with Chelsea chairman Bruce Buck to discuss the takeover, with his offer sparking confusion following weeks of negotiations with the other three interested parties. But Ratcliffe’s offer appears to have come too late as Boehly is set to get his hands on the club.

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Pagliuca and Broughton have both been informed they won’t go forward as preferred buyers. And Chelsea now have intentions to advance Boehly and his group for UK government approval ahead of a licence for the sale of the club to be issued.

“As I have stated before, I have always taken decisions with the club’s best interest at heart,” read a statement from Abramovich as he put the club on the market. “In the current situation, I have therefore taken the decision to sell the club, as I believe this is in the best interest of the club, the fans, the employees, as well as the club’s sponsors and partners.

“The sale of the club will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid. This has never been about business nor money for me, but about pure passion for the game and club.

“I hope that I will be able to visit Stamford Bridge one last time to say goodbye to all of you in person. It has been a privilege of a lifetime to be part of Chelsea FC and I am proud of all our joint achievements. Chelsea Football Club and its supporters will always be in my heart.”