The sale for Chelsea F.C. is drawing to a close as a consortium led by Los Angeles Dodgers part-owner Todd Boehly won with a $5.25 billion bid, the club announced on Friday.
Boehly is joined in the purchase by Clearlake Capital, Swiss businessman Hansjorg Wyss and Mark Walter, CEO of Guggenheim Partners and co-owner of several Los Angeles sports teams, including the Dodgers.
The announcement came as the club faces a quickly approaching deadline of May 31 set by the U.K. government. Chelsea first went up for sale in early March, a week before the government issued sanctions against Russian oligarch Roman Abramovich in response to his country’s invasion of Ukraine.
According to the official statement, $3.1 billion will be deposited to the frozen U.K. bank account of Abramovich “with the intention to donate 100% to charitable causes.” The U.K. government is reportedly overseeing this transaction.
The remaining $2.16 billion of the sale will go toward “the benefit of the Club.” Specific investments include home stadium Stamford Bridge, the football academy, the Chelsea women’s team and their stadium, Kingsmeadow, and continued funding for the Chelsea Foundation.
Abramovich acquired the team in 2003 and they’ve since won two Champions League titles, most recently in 2021.