Todd Boehly is new owner of Chelsea FC – Newstrends
Connect with us

Sports

Todd Boehly is new owner of Chelsea FC

Published

on

Chelsea football club has agreed to a £4.25bn ($5.2bn) sale term of the club to a consortium led by Todd Boehly, co-owner of the LA Dodgers baseball team.

The club was put up for sale before owner Roman Abramovich was sanctioned for his alleged links to Russian President Vladimir Putin following the invasion of Ukraine.

A Chelsea statement said the new owners will pay £2.5bn for the club’s shares. The proceeds will go into a frozen bank account to be donated to charity.

It was in 2019 when Boehly tried to buy the club off Roman Abramovich but a £2.2bn bid was rejected. This approach came shortly after Abramovich decided to withdraw his application for a UK visa and also amid halted progress on Stamford Bridge’s redevelopment.

READ ALSO:

The new consortium is led by Boehly but Clearlake Capital, a Californian private equity firm, will own a majority of the shares in Chelsea.

Other investors include US billionaire Mark Walter, also a co-owner of the LA Dodgers, and Swiss billionaire Hansjoerg Wyss.

BBC Sport reports the new owners have agreed to not sell a majority stake in the club until 2032 and have given assurances over dividends and debt.

The consortium said it will provide £1.75bn to invest in the Premier League club, including “investments in Stamford Bridge, the academy, the women’s team and Kingsmeadow and continued funding for the Chelsea Foundation”.

In the statement, Chelsea said the sale was expected to complete in late May. The takeover will require approval from the English football authorities and the UK government.

Chelsea are operating under a special licence from the UK government which ends on 31 May, but last month, Culture Secretary Nadine Dorries said the club were on “borrowed time” to complete the sale.

Any sale can only be signed off by the bidder passing the Premier League’s owners’ and directors’ test.

Todd Boehly was pictured with Chelsea fans outside Stamford Bridge on Friday. Also in the photo is former Chancellor George Osborne, whose firm has signed onto the Boehly bid in an advisory capacity.

Boehly, an American investor and businessman, has a reported net worth of $4.5bn (£3.6bn), according to Forbes.

He is a part owner of the Dodgers – a US baseball franchise – and US women’s basketball outfit the Los Angeles Sparks, and owns a stake in the renowned LA Lakers NBA franchise.

His consortium also includes American PR executive Barbara Charone, British businessman Jonathan Goldstein and British journalist Daniel Finkelstein.

Other consortiums who had been in the running to buy Chelsea have been headed by Sir Martin Broughton and the co-owner of the Boston Celtics, Stephen Pagliuca, but they were told in late April that their bids were unsuccessful.

British billionaire Sir Jim Ratcliffe – majority shareholder of chemical group Ineos – made a late offer, but it arrived on 29 April, several weeks beyond the initial deadline for bids of 18 March.

Ratcliffe’s bid was dismissed but he said on 4 May that he was “not giving up”.

On Thursday, Abramovich said he has not asked for his £1.5bn loan to Chelsea to be repaid when the club is sold.

A spokesperson said Abramovich “remains committed” to making sure the proceeds from the sale “go to good causes”.

Sports

Gabriel Jesus shines as Arsenal thrash Palace 5-1 in London derby

Published

on

Gabriel Jesus shines as Arsenal thrash Palace 5-1 in London derby

Gabriel Jesus struck twice as Arsenal became the first side since Chelsea in 2005 to go a full calendar year unbeaten in Premier League  London derbies, defeating Crystal Palace 5-1 to close the gap on league leaders Liverpool to three points for the time being.

A hat-trick against Palace in a 3-2 EFL Cup victory on Wednesday earned Jesus a starting berth here, and it took just six minutes for him to reward Mikel Arteta’s selection.

A first Premier League goal since January arrived when Bukayo Saka’s cross bounced off Gabriel Magalhães, allowing Jesus to stride towards the ball and side-foot home. A nervy moment for David Raya went unpunished moments later, but just five minutes after going ahead, the Gunners were pegged back as the red-hot Ismaïla Sarr bent an effort around William Saliba and inside the far post.

A breathless start to the contest continued with a third goal in the opening 15 minutes, and perhaps predictably, it came from an Arsenal corner. This time, Gabriel Martinelli’s delivery was partially cleared, but only as far as Jesus, whose controlled finish flew into the corner.

READ ALSO:

Another defensive lapse from the visitors almost saw the scores levelled once more, only for Raya to bail out Saliba with a one-on-one stop to deny Jean-Philippe Mateta. At the other end, Gabriel went close from yet another Arsenal corner before the away side extended their advantage through Kai Havertz, who reacted first after Jesus had nodded onto the far post.

Needing a response, the hosts were inches from reducing the deficit straight after the restart when Raya was equal to Sarr’s diving header. The Arsenal shot-stopper was then called into action again, getting behind Mateta’s rifled long-range shot and catching Sarr’s follow-up header.

Those saves kept the Eagles at bay, and with an hour played, the points were all but wrapped up. A well-worked move should have ended with Jesus’ second hat-trick of the week, yet Henderson saved well with his foot only to see Martinelli turn in substitute Declan Rice’s resultant low strike.

Determined to get on the scoresheet, Rice guided in Arsenal’s fifth goal late on, sealing three vital points in an evening where the only major blemish was Saka’s first-half injury.

Despite conceding in a seventh consecutive away league match – their longest travelling run without a PL clean sheet in over five years – Arsenal now find themselves within touching distance of the league summit, albeit having played more games than the sides above them.

Meanwhile, Palace had lost just one of their last eight PL fixtures (W3, D4), but defeat here means they’re yet to add to their solitary home league victory (D4, L4), leaving the Eagles 15th in the table.

 

Gabriel Jesus shines as Arsenal thrash Palace 5-1 in London derby

Continue Reading

Sports

Atletico grab late winner at Barcelona to go top of La Liga

Published

on

Atletico grab late winner at Barcelona to go top of La Liga

Substitute Alexander Sorloth scored an injury-time winner as Atletico Madrid fought back against Barcelona to replace them at the top of La Liga.

Pedri opened the scoring for Barcelona in the 30th minute, linking up with fellow Spain midfielder Gavi before slotting a low strike past Jan Oblak.

Despite their dominance, the hosts couldn’t hold on and Rodrigo De Paul hammered home the equaliser on the hour mark after leaping on a mistake from Marc Casado.

READ ALSO:

Barcelona were left to rue more missed chances when Sorloth slammed in Nahuel Molina’s cross in the sixth minute of injury time to give Atletico their 12th straight win in all competitions.

The victory means Atletico will end 2024 as the top team in Spain, three points above Barcelona, who have played a game more.

Hansi Flick’s Barca side could slip to third if Real Madrid beat Sevilla on Sunday.

 

Atletico grab late winner at Barcelona to go top of La Liga

Continue Reading

Sports

Oleksandr Usyk beats Tyson Fury to retain heavyweight titles

Published

on

Oleksandr Usyk beats Tyson Fury to retain heavyweight titles

Oleksandr Usyk defeated Tyson Fury to retain his unified heavyweight world titles and prove his status as a generational great with another close points win in their rematch in Saudi Arabia.

Having inflicted a first career defeat on Briton Fury by split decision in May, Usyk’s astuteness and will to win once again prevailed at Riyadh’s Kingdom Arena – and he retained his WBA (Super), WBC and WBO titles.

Fury, 36, found success in the first half of the fight. Some of the more eye-catching shots came from the Morecambe fighter, but the volume of punches and cleaner work were from Ukrainian Usyk.

All three judges scored it 116-112 to the 37-year-old champion.

READ ALSO:

Usyk, an Olympic gold medallist and former undisputed cruiserweight champion, extended his undefeated record to 23 pro wins.

“He [Tyson Fury] is a great fighter, he is a great opponent. An unbelievable 24 rounds for my career. Thank you so much,” Usyk said.

Two-time world champion Fury has only ever lost to Usyk, his two defeats the major blemishes on a record also consisting of 34 wins and one draw.

Fury left the ring without conducting an interview, before IBF world champion Daniel Dubois climbed in and called for a rematch with Usyk.

A visibly frustrated figure in the moments after the scorecards were read out, Fury said backstage he was convinced he won the fight by “at least three rounds”.

 

Oleksandr Usyk beats Tyson Fury to retain heavyweight titles

Continue Reading

Trending