Chelsea FC confirms sale to group led by Todd Boehly and Clearlake Capital | Business News

Roman Abramovich has completed the sale of Chelsea Football Club to a group led by American businessman Todd Boehly and investment firm Clearlake Capital.

In a statement, the club said sanctions imposed on Mr Abramovich following Russia’s invasion of Ukraine had presented “unique and unforeseen challenges to the sale process”.

Nevertheless, it was completed “on an accelerated timeline”, the southwest London club added.

“A transaction such as this would normally take nine months to a year to complete; we did it in less than three months.”

Culture Secretary Nadine Dorries said that sanctioning Mr Abramovich “for his links to Putin was right and necessary”.

It did, however, “create profound uncertainty for the club”, she added.

The cabinet minister tweeted: “A sale was the only way the club could continue after this season. Sale proceeds will be frozen and can only be used with government approval.

“We will engage closely on the establishment of a foundation (with the right assurances), to support humanitarian purposes in Ukraine.”

Mr Boehly said he and his partners were “honoured to become the new custodians of Chelsea Football Club”.

He added: “We’re all in – 100% – every minute of every match.

“Our vision as owners is clear: we want to make the fans proud.”

Mr Boehly continued: “Along with our commitment to developing the youth squad and acquiring the best talent, our plan of action is to invest in the club for the long-term and build on Chelsea’s remarkable history of success.

“I personally want to thank ministers and officials in the British government, and the Premier League, for all their work in making this happen.”