Chelsea takeover: First contract in £4billion deal 'to be signed on Friday' Todd Boehly
has high hopes of signing the first contract ahead of his prospective £4billion takeover
of Chelsea from Roman Abramovich.
The Blues are in a race against time to find new owners before the start of next season
after being put up for sale following Russia's invasion of Ukraine.
Abramovich was subsequently sanctioned by the UK government over his alleged links to
Vladimir Putin.
It has had a huge knock-on effect at Stamford Bridge where they cannot sell tickets to fans,
negotiate transfers or renew contracts of their players.
They were only allowed to continue operating as a football club due to a special license
granted by the UK government.
Abramovich has since decided to sell the club and a large-scale search for a new owner has
been narrowed down to one choice by the Raine Group, who have been handling the multi-billion
pound transaction.
LA Dodgers co-owner Boehly has been selected as the preferred bidder giving him the right
to hold exclusive negotiations.
According to the Telegraph, Chelsea executives will formally name Boehly to ministers as
they seek an amended license of sale.
That could be completed within the government's imposed deadline of May 21.
Though the American businessman reportedly has plans to sign the first contract on Friday.
The Premier League has carried out background checks on Boehly's consortium, which includes
funding from Clearlake Capital, Jonathan Goldstein and Hansjorg Wyss.
Despite the fact that the sale will amount to £4bn, there is confidence on all sides
that a deal can be concluded quickly.
Todd Boehly's consortium will now be engaged in exclusive talks with the Chelsea board.
However, it will first require Boehly to sign a purchase agreement which will be offered
over the next 24 hours.
A potential hiccup arrived when reports emerged that Abramovich was digging his heels in over
a £1.6bn loan but the Russian has issued a statement rubbishing those claims.
A statement on Chelsea's website read: "Mr Abramovich has not asked for any loan to be
repaid to him – such suggestions are entirely false – as are suggestions that Mr Abramovich
increased the price of the Club last minute.
"As part of Mr Abramovich’s objective to find a good custodian for Chelsea FC, he has
however encouraged each bidder throughout this process to commit investing in the Club
– including in the Academy, Women’s team, necessary redevelopment of the stadium as
well as maintaining the work of Chelsea Foundation."