Chelsea have confirmed that Todd Boehly has completed his takeover of the club from Roman Abramovich.
The Russian put the club up for sale back in March, sparking the biggest auction in sports history, with a consortium fronted by Boehly eventually emerging as leading candidates.
However, sanctions from the UK government meant that Abramovich was not permitted to profit from the sale and concerns over the destination of the funds led to delays - the Blues described them as 'unique and unforeseen challenges' - which have finally been overcome.
"Roman Abramovich has completed the sale of Chelsea Football Club and related companies to an investment group led by Todd Boehly and Clearlake Capital," a statement read.
"This sale process commenced on 2 March, when Mr. Abramovich announced his intention to sell the Club after 19 successful years of ownership. In selling the Club, Mr. Abramovich stipulated that the new owner must be a good steward of the Club, the net proceeds of the sale must be donated to charity, and that he would not seek the repayment of loans made to affiliates of the Club.
"Following this announcement, the Board of Directors and senior staff at the Club immediately commenced work on the sale transaction. Raine, a global merchant bank chosen by the owner to run the sale process, has significant expertise and experience advising premium sports clubs on mergers and acquisitions and advised the owner and the Club in the process."
On the bidding process, the statement added: "The Club received more than 250 enquiries from proposed purchasers, held detailed discussions with more than 100 individuals and entities, and entered into 32 confidentiality agreements, which allowed for due diligence with respect to confidential Club information.
"Ultimately, the Club received 12 credible bids, resulting in 4 and then 3 final bidders. The Todd Boehly and Clearlake Capital consortium was chosen as the preferred bidder.
"The group led by Todd Boehly and Clearlake Capital rose above the other groups through the strength of the partnership between the group’s component parts, which includes Mark Walter, co-founder and CEO of Guggenheim Capital; and Hansjörg Wyss, founder of the Wyss Foundation; Todd and Mark’s participation in the ownership of several sports franchises with sustained winning traditions, including the Los Angeles Dodgers, the Los Angeles Lakers, and the Los Angeles Sparks; a belief by the Board that this group could help the Club resolve certain current challenges and could assist in creating new opportunities, and help the Club reach its long-term strategic objectives.
"We believe the Board and the Boehly/Clearlake group have a shared vision for the future of Chelsea Football Club."
Source : 90min