Chelsea Soccer Club’s $5.3 Billion Acquisition Completed by Todd Boehly, Clearlake Capital-Led Consortium
30.05.2022 - 19:07
/ variety.com
Naman Ramachandran A consortium led by Todd Boehly, chair and CEO of Eldridge, and Clearlake Capital Group, L.P. completed the £4.25 billion ($5.3 billion) acquisition of soccer team Chelsea Football Club on Monday. 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. The transaction has received all necessary approvals from the U.K. government, 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 chair of the holding company. 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 club said in a statement, adding that the owners would also continue the important work of the Chelsea Foundation, which performs a number of charitable and community activities. 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.“As a result of the transaction, up to £2.5 billion will be donated to provide immediate relief and long-term support to victims of the conflict in Ukraine,” Latham & Watkins LLP said in a statement. Chelsea FC had been up for sale since the Russian invasion of Ukraine, which led to the U.K. government imposing sanctions on
.