The consortium led by Todd Boehly, chairman and CEO of Eldridge, and Clearlake Capital Group, L.P. has announced the completion of the ownership transfer of Chelsea Football Club.
The consortium also includes Hansjörg Wyss, founder of the Wyss Foundation, and Mark Walter, co-founder and CEO of Guggenheim Capital. Walter and Boehly are owners of the Los Angeles Dodgers, the Los Angeles Lakers, and the Los Angeles Sparks.
According to an official statement on the club’s website, the transaction has received all necessary approvals from The Government of the United Kingdom, The Premier League, and other authorities.
Under the terms of the agreement, Boehly and Clearlake will share joint control and equal governance of the Club. Boehly will serve as Chairman of the holding company.
The statement noted that Boehly and Clearlake are committed to investing in key areas that will extend and enhance Chelsea’s competitiveness, including the redevelopment of Stamford Bridge, further investment in the Academy, the Women’s Team, and Kingsmeadow stadium. The owners will also continue the important work of the Chelsea Foundation.
Harping on the development, Boehlysaid “We are honoured to become the new custodians of Chelsea Football Club”.
“We’re all in – 100% — every minute of every match. Our vision as owners is clear: we want to make the fans proud. Along with our commitment to developing the youth squad and acquiring the best talent, our plan of action is to invest in the Club for the long-term and build on Chelsea’s remarkable history of success. I personally want to thank ministers and officials in the British government, and the Premier League, for all their work in making this happen.”
On their part, Behdad Eghbali and José E. Feliciano, Clearlake co-founders and managing partners, said, “We are excited to commit the resources to continue Chelsea’s leading role in English and global football, and as an engine for football talent development. We also want to thank the authorities for all their work throughout the process. As pioneers in sports and media investing, we are thrilled to partner with Todd and the rest of the consortium to meaningfully grow the Club as a global platform. Together, we will expand the Club’s investment across infrastructure, technology, and sports science to support the incredible Chelsea football and commercial teams – all with the goal of leveraging this growth to fuel even more on-pitch success.”
“The new ownership group wishes to recognise the dedication and professionalism of the Department for Digital, Culture, Media and Sport, HM Treasury, and the Premier League in conducting their reviews of this historic and complex transaction,” the statement said.
Deutsche Bank, Goldman Sachs, Moelis & Company LLC, and Robey Warshaw LLP served as financial advisors to the new ownership group. Latham & Watkins LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and Sidley Austin LLP served as legal counsel.
The Raine Group served as exclusive financial advisor to Fordstam Limited and Chelsea FC. Northridge Law LLP, Simmons & Simmons LP, and Pillsbury, Winthrop, Shaw, Pittman LP served as legal counsel.
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