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25 May, 2022 14:02 HomeSport News What does Chelsea sale mean for club’s future? Chelsea still have a number of issues to take care of on and off the field
Premier League football club Chelsea has finally been sold for a £4.25 billion ($5.3 billion) fee after the UK government granted a takeover on Tuesday night. But what lies ahead for the West Londoners?
Who has bought Chelsea?
Chelsea has been bought by a consortium led by LA Dodgers part-owner Todd Boehly, who co-founded Connecticut finance firm Eldridge Industries.
Boehly is also joined by Swiss billionaire Hansjorg Wyss – the first to claim to the press in his country that Roman Abramovich was looking to sell the club – plus the Clearlake Capital investment firm, where co-founder Behdad Eghbali will control all matters related to Chelsea, and Dodgers co-owner Mark Walter.
Why was the club put up for sale?
Days after Wyss said that Chelsea would be put on the market, previous owner Roman Abramovich announced on March 2 that he wished to sell the club he had owned since 2003.
This was done shortly before the UK government froze Abramovich’s assets for alleged links to Russian President Vladimir Putin and as a response to Russia’s military operation in Ukraine.
READ MORE: Abramovich era ends in FA Cup penalties heartbreak
To continue playing matches in England and Europe without being able to buy or sell players, Chelsea were granted a special license which was set to expire on May 31.
What will happen to the money from the sale?
The sale will consist of two steps, with £2.5 billion ($3.1 billion) first going into an escrow account before it is distributed to a charity for victims of the Russia-Ukraine conflict. Later on, an additional £1.75 billion ($2.2 billion) will be pumped into the club by Boehly.
One of the hold-ups for the sale, allowed to go ahead as long as the UK government and the Raine Group oversaw the process, were doubts about where the money would end up.
Abramovich insisted again on May 5 that he would not benefit in any way, and said in a statement that his team had “identified senior representatives from UN bodies and large global charitable organizations who have been tasked with forming a Foundation and setting out a plan for its activities”.