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What happens next at Chelsea after Todd Boehly agreed to pay £4.25bn for the club?

US business tycoon Todd Boehly has agreed a £4.25billion deal to buy Chelsea from Roman Abramovich.

Here, the PA news agency takes a look at the state of affairs at Stamford Bridge.

How was the deal agreed?

Boehly and his consortium partners fought off a multitude of bidders to secure a deal to buy Chelsea at the highest price ever paid for a sports club. Former British Airways chairman Sir Martin Broughton and Boston Celtics co-owner Steve Pagliuca had joined Boehly in the last three bids to buy the Blues. Boehly and his partners brokered a deal with New York merchant bank Raine Group and handled the sale on behalf of Chelsea. Chelsea finally announced the agreement in the early hours of Saturday morning.

So what happens now?

Boehly and its partners will have to pass the tests of the Premier League owners and directors before the UK government will sanction the sale by issuing a new license to complete the deal.

Why is Chelsea being sold?

Conclude

Roman Abramovich put Chelsea up for sale in March (Rebecca Naden/PA)

Abramovich put Chelsea up for sale on March 2 amid Russia’s ongoing invasion of Ukraine. The 55-year-old was then sanctioned by the UK government on March 10, with Downing Street claiming to have proved his ties to Russia’s President Vladimir Putin. Abramovich’s ownership was untenable as the Russian-Israeli billionaire sold Chelsea after 19 years at the helm of Stamford Bridge.

Do you still have concerns about the sale?

Abramovich cannot benefit from the sale due to his sanctions, but the Chelsea owner has long since pledged to donate all proceeds to a charitable foundation to help victims of the war in Ukraine. The government must approve Abramovich’s plans to set up an independently run charitable foundation to handle the distribution of these funds. Abramovich wants to write off his £1.5billion loan to Chelsea but sanctions are currently blocking such a move. Chelsea and the government expect to find a solution, with the Boehly sale agreement paving the way for the deal to be finalised.

Who else is involved in the winning consortium?

Conclude

The Los Angeles Dodgers co-owners have won the race to buy Chelsea (Mark J. Terrill/AP)

Clearlake Capital will take the majority stake, with co-founder Behdad Eghbali of the California-based investment firm taking the lead on Chelsea. Mark Walter, co-owner of the Boehly LA Dodgers, brings even more experience in sports administration, while Swiss magnate Hansjörg Wyss is also involved.

What if the deal got an unlikely snag?

Chelsea and Raine Group could approach one of the previous bidders should there be any issues with Boehly’s bid. While that now seems highly unlikely, Broughton’s offer is expected to go ahead first should Boehly run into trouble. Ineos boss Sir Jim Ratcliffe appears further away from the picture. Britain’s richest man made a final bid for the Blues last week, but outside of the official sales process. Raine flatly rejected the offer, but the 69-year-old refused to admit defeat in his candidacy.

https://www.independent.ie/sport/soccer/what-happens-next-at-chelsea-after-todd-boehly-agrees-to-pay-425bn-for-club-41624528.html What happens next at Chelsea after Todd Boehly agreed to pay £4.25bn for the club?

Fry Electronics Team

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