Who is Todd Boehly, whose Chelsea takeover deal gets UK government nod?
First Published May 25, 2022, 1:09 PM ISTThe UK government has approved the 4.25 billion pounds takeover of Chelsea by a consortium led by LA Dodgers co-owner Todd Boehly.
The UK government has approved the 4.25 billion pounds takeover of Chelsea by a consortium led by LA Dodgers co-owner Todd Boehly.
The UK government on Wednesday approved Todd Boehly's 4.25 billion-pound Chelsea takeover. Following Tuesday night's statement from the Premier League confirming they have given the sale the green light - Whitehall has now followed suit. The Government is satisfied 'that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual.'
A statement read, "Late last night, the UK Government reached a position where we could issue a licence that permits the sale of Chelsea Football Club."
"Following the sanctioning of Roman Abramovich, the Government has worked hard to ensure Chelsea Football Club has been able to continue to play football. But we have always been clear that the long-term future of the club could only be secured under a new owner," it added.
"Following extensive work, we are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual. We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war," the statement noted.
"The steps today will secure the future of this important cultural asset and protect fans and the wider football community. We have been in discussions with relevant international partners for the necessary licences required, and we thank them for all their cooperation," the statement concluded.
Los Angeles Dodgers co-owner Boehly had already agreed to a 4.25 billion-pound purchase of the Premier League club, with Abramovich's ownership poised to end after 19 years. Here's all you need to know about the 46-year-old American billionaire:
Todd Boehly is an American businessman, investor and philanthropist. He is the co-founder, chairman, CEO and controlling member of Eldridge Industries, a holding company in Greenwich, Connecticut. Furthermore, he is the interim CEO of the Hollywood Foreign Press Association.
Boehly graduated in 1991 from the Landon School in Bethesda, Maryland and also completed his BBA in Finance from the College of William & Mary in 1996. Later, Todd came to study at the London School of Economics. Moving on to the start of his professional career, he worked at Citibank and CS First in Boston before moving to Guggenheim Partners in 2001.
Boehly played a role in a deal between Time Warner Cable and the Los Angeles Dodgers to create SportsNet LA – which broadcasts events on the baseball franchise. According to Forbes magazine, Boehly's net worth is 3.6 billion pounds, and he is the co-owner of the Los Angeles Dodgers. The baseball franchise is a seven-time MLB World Series-winning team and last won the significant title in 2020. The businessman also has stakes in 17-time NBA winners, the Los Angeles Lakers and the Los Angeles Sparks women's basketball team.
Todd Boehly fended off Jim Ratcliffe – the wealthiest man in Britain – to successfully take over the Blues. The consortium also consists of Dodgers co-owner Mark Walters, British businessman Jonathan Goldstein, Swiss billionaire Hansjorg Wyss, and Clearlake Capital US investment firm.
Chelsea fans will hope the new ownership will help the West London club bring world-class talent and win trophies. Roman Abramovich's reign since 2003 saw the Blues elevate itself to the top, winning every trophy it possibly could. The Boehly-led consortium has big shoes to fill if they have to overcome teams like Manchester City and Liverpool.