London: English football club Chelsea have confirmed that the terms have been agreed for Todd Boehly to complete his £4.25 billion takeover of the club.
The Raine group had named Boehly's consortium as the preferred bidder to take over at Stamford Bridge. It is to be noted that the Raine group, which is an American bank, are overseeing the sale.
Boehly has partnered with fellow Dodgers owner Mark Walter, Swiss billionaire Hansjorg Wyss as well as investment firm Clearlake Capital.
He saw off competition from consortiums fronted by Stephen Pagliuca and Sir Martin Broughton and even a late £4.25bn bid from Britain's richest man Sir Jim Ratcliffe.
Todd Boehly, the chief executive of Eldridge Industries, was in London on the night of May 6 and he is expected to attend Chelsea's Premier League clash with Wolves at Stamford Bridge on May 7.
Chelsea confirmed on their official website in the early hours of May 7 that Boehly and his consortium can purchase the club, following the UK Government's approval.
'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,' the statement said.
Out of the total investment, £2.5bn will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account in the United Kingdom.
The funds will be entirely donated to charitable causes as confirmed earlier by previous owner Roman Abramovich.
However, the approval of the UK Government will be required for the proceeds to be transferred from the frozen UK bank account.
Additionally, the proposed new owners will commit £1.75bn in further investment for the benefit of the Club. This includes investments in Stamford Bridge, the Academy, the Women's Team and Kingsmeadow and continued funding for the Chelsea Foundation.
'The sale is expected to be complete in late May subject to all necessary regulatory approvals. The club statement said that further details will be provided at that time.
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