Chelsea £4.25bn Takeover Complete as UK, Abramovich Agree

By Adedapo Adesanya

The £4.25 billion takeover of Chelsea Football Club has been completed after Russian billionaire, Mr Roman Abramovich, agreed to the United Kingdom government’s terms for the sale.

Business Post had reported that an American consortium bid led by Mr Todd Boehly, a part-owner of baseball’s LA Dodgers, was given permission to go through.

According to Ms Nadine Dorries, the culture secretary, the UK government issued a licence on Tuesday night that permits the sale of Chelsea.

“We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war. The steps today will secure the future of this important cultural asset and protect fans and the wider football community.

“We have been in discussions with relevant international partners for necessary licences required and we thank them for all their cooperation,” she said.

The sale will follow a two-step process under which £2.5 billion will go into an escrow account until the government is satisfied the funds will go to a charity for victims of the war in Ukraine.

Mr Boehly’s group has committed to invest a further £1.75 billion in the club and Mr Abramovich has agreed to legally binding guarantees allowing his £1.6 billion loans to Chelsea to go into a frozen account under government control.

The government has sought assurances that the charity will be independent of Mr Abramovich and Mr Mike Penrose, a former UNICEF UK executive director has been asked to run the foundation.

The ordeal of the Russian is tied to the ongoing aggression against Ukraine by Russia since February 24 with the UK and allies including the United States and the European Union using sanctions on Russian companies and businessmen as one of the main tools to respond to the invasion of Ukraine.

“Late last night the UK government reached a position where we could issue a licence that permits the sale of Chelsea Football Club.

“Following the sanctioning of Roman Abramovich, the government has worked hard to ensure Chelsea Football Club has been able to continue to play football. But we have always been clear that the long-term future of the club could only be secured under a new owner,” a statement from the UK government said.

Chelsea won 21 trophies under Mr Abramovich, including five Premier League titles, two Champions Leagues and the Club World Cup.