BusinessDay

Boehly’s Chelsea deal swells rank of Americans in EPL

The ongoing takeover of the Chelsea football club by Todd Boehly has seen the number of American investors in the English premier league (EPL) elevated.

Boehly, an American businessman, investor, and philanthropist, will be ending Roman Abramovich’s 19-year reign at the club after the UK government froze his Russian assets due to his close ties to Russian President Vladimir Putin in the ongoing Ukraine conflict.

This development, however, will further increase the number of Americans who own a premier league outfit in the UK.

Prior to this deal, there were about seven EPL teams owned by Americans in the 2021/22 season of the league, including Arsenal, Manchester United, Liverpool, and Burnley among others.

Meanwhile, the billionaire, who is also co-owner of baseball team, LA Dodgers, beat off several interested parties to win the bid to purchase the West London outfit.

Boehly’s £4.25bn bid was accepted for Chelsea and he will look to complete the takeover at the earliest convenience, subject to completion through the Premier League owners’ and directors’ test, reports are saying.

“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,” an official statement released by the football club read.

Read also: Chelsea takeover: Todd Boehly consortium signs agreement of £4.25 billion

“Of the total investment being made, £2.5bn will be applied to purchase the shares in the Club, and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100 percent to charitable causes as confirmed by Roman Abramovich.

“UK Government approval will be required for the proceeds to be transferred from the frozen UK bank account,” the statement read.

In addition, 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.

Meanwhile, the transaction had earlier hit a stumbling block on the back of the club’s debt owed to Abramovich. However, it was reported that the Club’s sale is back on track.

According to talksport, on Wednesday, Chelsea’s sale is back on track as Roman Abramovich and the UK government have appeared to have now found a resolution on the club’s debt owed to the departing owner.

“The two parties are believed to have overcome the stumbling block of how to deal with the Blues’ £1.5billion debt, paving the way for Todd Boehly’s takeover to be completed.”

One would think that the American dream begins and ends in the United States. But, recent investment decisions by its citizens in the UK have shown that the American dream can be dreamt of anywhere.

The American dream is the idea that every citizen of the United States should have an equal opportunity to achieve success and prosperity through hard work, determination, and initiative.

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