Abramovich doesn’t see a penny of £4.25 billion
All parties gave the green light to the most expensive deal in the history of the sport. Chelsea will change early next week. Former owner Abramovich goes away empty-handed. Russian oligarchs bear it with equanimity.
DrAccording to the club, nothing stands in the way of the acquisition of English top-flight club FC Chelsea by a consortium led by American businessman Todd Boehley. The English Premier League club announced, on Saturday, that the deal will be completed next Monday. And on Friday evening, a final agreement was reached on the sale to the consortium.
The price of the London club, near coach Thomas Tuchel and German international players Timo Werner and Kai Havertz, amounted to 4.25 billion pounds (about five billion euros). It is the most expensive acquisition in sports history. To date, the sale of the American football team Carolina Panthers (equivalent to 1.75 billion pounds) three and a half years ago was the biggest deal. Former owner Roman Abramovich bought Chelsea FC in the summer of 2003 for around £150m.
Before the contract was awarded to the consortium around Boehly, the Premier League and the British government gave the necessary approvals for the takeover. Proceeds from the sale will be used for humanitarian purposes – especially for the victims of the war in Ukraine – and will not benefit the club owner either directly or indirectly.
Abramovich is on British and European sanctions lists due to Russia’s war of aggression against Ukraine and his close ties to President Vladimir Putin. The club’s future was temporarily in limbo with the penalties imposed on Abramovich.
1.75 billion is available for Chelsea FC
“I am proud that our joint successes will now benefit millions of people from the newly established charity. This is the legacy we have made together,” Abramovich said in a statement posted on Chelsea’s website. The 55-year-old oligarch will also be reluctant to repay his loan to the club, which amounts to to nearly two billion euros, in the deal now negotiated.
It added that the purchase price includes 1.75 billion pounds and must be provided “for the good of the club”. Which will likely flow mainly into the renovation of the old Chelsea Arena at Stamford Bridge. “My goal was to ensure that the next owner had a mindset that would allow for the success of both the men’s and women’s teams, as well as the will and motivation to embrace other key aspects of the club, such as the academy and vital work at the Chelsea Foundation, for further development,” Abramovich said.
He welcomed the agreement and wished the new owners every success in running the club. The oligarch stressed that owning the club carries a great responsibility. For him this was the honor of his life.