Premier League soccer club Chelsea F.C. is being purchased by a group led by Los Angeles Dodgers part-owner Todd Boehly, the club announced Friday.
The cost is $5.25 billion, and is expected to complete in late May subject to all necessary regulatory approvals.
Chelsea wound up on the market when Russian oligarch Roman Abramovich was hit with sanctions after his country invaded the Ukraine.
“Of the total investment being made, £2.5bn ($3.1bn) 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”, Chelsea said in a statement. “In addition, the proposed new owners will commit £1.75bn ($2.14bn) in further investment for the benefit of the Club.
“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.
— Chelsea FC (@ChelseaFC) May 7, 2022
A group led by the U.S. billionaire Todd Boehly is set to buy Chelsea F.C. for over $3 billion, the highest price ever paid for a sports team. https://t.co/nhm2R1O3Qv
— The New York Times (@nytimes) May 7, 2022