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The Todd Boehly-led consortium have completed a £4.25bn takeover of Chelsea, ending Roman Abramovich’s 19-year ownership of the club.
After months of negotiations, the deal was finally approved on Wednesday morning when the government received legal guarantees that Roman Abramovich – who has had his UK assets frozen – would not benefit from the sale.
The proceeds from the sale will be frozen in a UK bank account until the government has received further assurances that the money will solely go to support humanitarian causes in Ukraine.
Russian-Israeli billionaire Abramovich put Chelsea, which he purchased in 2003, up for sale on March 2, a week after Vladimir Putin’s invasion of Ukraine on February 24.
The takeover ends his 19-year ownership of the club and will see Los Angeles Dodgers co-owner Boehly become Chelsea’s controlling owner, even though California investment firm Clearlake Capital will assume the majority shareholding. It is reported the new owners plan to invest £1.75bn into the club, placing the overall takeover value at £4.25bn.
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