End of an era: Chelsea FC has a new owner

End of an era: Chelsea FC has a new owner
Chelsea FC logo. [Courtesy]

The transfer of ownership of Chelsea Fc will be done on Monday, May 30.

The London club will have a new owner, ending Roman Abromavich’s reign at Stamford Bridge.

American Todd Boehly will be the new owner.

“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. It is expected that the transaction will be completed on Monday,” the club said in a statement.

The takeover deal, negotiated by the Premier League and the UK government is understood to be in the region of £4.2 billion though Abromavich is not expected to cash in on the share of the sale.

The club was put up on sale last March after Abromavich was sanctioned by the UK government for being too close to Russian President Vladimir Putin who waged the war against Ukraine.

Californian private equity firm Clearlake Capital will own a majority of the shares in the club alongside other investors like Boehly, Swiss billionaire Hansjorg Wyss and US billionaire Mark Walter who is also the co-owner of the LA Dodgers.

Abramovich bought Chelsea for £140m in 2003 and spent £2bn in the transfer market under his ownership.

Under the Russian, Chelsea won every major trophy – including two Champions League titles, five Premier Leagues, five FA Cups, two Europa League titles and three EFL Cups. In August 2021 the Blues won the Uefa Super Cup and in February their first Club World Cup.

Abramovich has appointed 13 managers.

Chelsea’s sale – the key moments

24 February: Russia invades Ukraine

26 February: Abramovich gives stewardship and care of club to a charitable foundation

2 March: Abramovich says he plans to sell the club

10 March: The UK government sanctions Abromavich

5 May: Abramovich denies he has requested a £1.5bn loan he made to Chelsea is repaid

7 May: Boehly agreed on a agrees a £4.25 bn deal for the club

16 May: Government insider says the deal is close to collapse

24 May: Premier League approves takeover

25 May: Government approves takeover

Additional reporting by BBC Sports