Home Sports Chelsea have agreed on the terms of the Boehly takeover

Chelsea have agreed on the terms of the Boehly takeover

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A consortium led by Boehly has distinguished itself in the race to buy the Blues after being selected as the preferred contender, despite a recent higher bid from British billionaire Jim Ratcliffe.

The takeover, which promises to invest in the club at 1.75 billion pounds ($ 3.1 billion), is expected to be completed later this month.

A statement issued Saturday from Chelsea said: “Of the total investment made, £ 2.5 billion [$4.4 billion] will be claimed to acquire shares of the club, and such proceeds will be transferred to a frozen bank account in the UK with the intention of donating 100 percent to charity, as confirmed by Roman Abramovich.

“It will take the approval of the UK government to transfer income from a frozen UK bank account.

“In addition, the proposed new owners will issue £ 1.75 billion [$3.1 billion] in further investments in favor of the club. This includes investing in [Chelsea’s home ground] Stamford Bridge, the academy, the women’s team and Kingsmead and continued to fund the Chelsea Foundation.

“The sale is expected to be completed in late May, subject to all necessary regulatory approvals. More information will be provided at that time.”

Boi is a co-owner of the Los Angeles Dodgers, the biggest squanderer in the Major League Baseball.

https://www.beinsports.com/au/premier-league/news/chelsea-agrees-terms-for-boehly-groups-takeov/1877907

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