Chelsea’s sale to Boehly set to complete on Monday

Chelsea said on Saturday that the sale of the Premier League club to a consortium headed by Todd Boehly, the co-owner of the Los Angeles Dodgers is scheduled for completion on Monday.

The British government and the Premier League approved the purchase of $4.25 billion ($5.3 billion).

Chelsea was put on the market in early March, a few days before the owner Roman Abramovich was sanctioned by the British government as a result of the Russian invasion of Ukraine.

The British government describes Abramovich as belonging to the small circle of Russian President Vladimir Putin. Abramovitch is also facing sanctions from the European Union.

“Chelsea Football Club can confirm that a final and definitive agreement was entered into last night to sell the club to the Todd Boehly/Clearlake Capital consortium,” the club said in a statement.

“It is expected that the transaction will be completed on Monday.”

The consortium is headed by Boehly, but Clearlake Capital, a Californian private equity company, would hold the majority of the club’s shares.

American billionaire Mark Walter, who co-owns Boehly in the Dodgers, and Swiss billionaire Hansjorg Wyss are also investors.

The Portuguese Government also approved the sale. Portugal’s endorsement was necessary because Abramovich has a passport for the European nation.