Chelsea has officially confirmed that a consortium led by an American Billionaire Todd Boehly is all set to take over the club from Roman Abrahmovic for a whopping £4.25bn. Boehly was present at the Stamford Bridge for Chelsea’s game against Wolves on Saturday. While his consortium has already signed an agreement, the deal will only be considered final once it gets approval from UK Government and the Premier League.
“Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the Club,” read an official statement from the London-based club.
As per the agreement, the new owner will pay £2.5bn to buy the shares in the club, and another £1.75bn is committed to the betterment of the club. Roman Abramovich, whose bank account is frozen by the UK government, will not receive any amount.
Who is Todd Boehly?
Boehly is an American business magnate who is currently serving as the chairman, CEO and controlling member of Eldridge Industries, an investment firm he co-founded in 2015. He is also the interim CEO of the Hollywood Foreign Press Association.
Having graduated from the London School of Economics, Boehly started his career at Citibank and then moved on to CS First Boston. His major breakthrough in the world of finance came in 2001, when he joined Guggenheim Partners, an asset management firm based out of Chicago. He launched Guggenheim’s credit investment company, and was soon promoted to the role of President.
In 2013, he played a crucial role in the creation of SportsNet LA, a regional network where Time Warner Cable got exclusive rights to broadcast content related to the LA Dodgers. Two years later, he founded Eldridge Industries, whose valuation is estimated at around $315 billion.
Boehly’s Other Investment In Sports And His Net Worth
Boehly, along with his long-time business partner Mark Walter, paid $2.2 billion to acquire a majority stake in seven-time MLB World Series winners Los Angeles Dodgers. In 2014, he bought WNBA’s franchise Los Angeles Sparks.
In 2021, the billionaire acquired a 27 percent stake in 17-time NBA champions Los Angeles Lakers. He also owns a controlling stake in Cloud9 Esports Inc, an esports firm based in Santa Monica.
In Boehly, Chelsea will get someone who knows the nut and bolts of the commercial side of sports. Led by Boehly, the consortium also consists of his close friend and long-time business partner Mark Walter, a private equity firm Clearlake Capitals, and a Swiss billionaire Hansjorg Wyss.
Forbes estimated Todd Boehly’s net worth as $4.5 billion.