Todd Boehly, a US investor, has completed his takeover of the English football club.
The completion of the deal was confirmed in a statement. The club rose to become one of the dominant forces in the English premier league under the ownership of billionaireAbramovich.
The team was put up for sale earlier this year, shortly before being hit with sanctions by the UK for Russia's war in Ukraine. Raine Group was tasked with handling the sale of one of the biggest brands in European sport.
The club received more than 250 inquiries from potential buyers.
Boehly beat out the other consortiums led by Bain Capital co-chairman Stephen Pagliuca and British businessman Martin Broughton. British billionaire Jim Ratcliffe made a late proposal.
California-based private equity firm Clearlake Capital backed Boehly's winning bid. It includes a 2.5 billion purchase of shares and another 1.75 billion for further investments to benefit the club. The bid was approved last week by the UK government.
Boehly said in a separate statement that they were all in, every minute of every match.
Five times, the English premier league was won by Chelsea, as well as two times in the U.S. The club's takeover by Boehly, one of the owners of the Los Angeles Dodgers baseball team and former Guggenheim Partners President, is a milestone moment for elite football in England. For the first time, more than half of the teams competing in the English premier league will be backed by American money.
Boehly was advised by a number of people.
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