Chelsea Announce New Era With New Owners Made Official

Todd Boehly has officially been named the new owner of Chelsea, ending Roman Abramovich's hugely successful 19 years in charge of the club.

Boehly had his £4.25 billion bid for the club accepted earlier this month, after being announced as the club's preferred bidder at the end of the initial period of bids.

Consortium led by Todd Boehly and Clearlake Capital completes acquisition of Chelsea Football Club.

— Chelsea FC (@ChelseaFC) May 30, 2022

It has taken several weeks for things to get moving for the Premier League side, due to the complications surrounding Abramovich having his assets frozen by the UK government.

There were fears that the Russian oligarch would benefit from the sale of the club but, once the government were happy this would not be the case, they accepted the consortium's bid.

The money will be frozen in a UK account and then be released to support humanitarian causes in Ukraine, following Russia's invasion of the country.

Abramovich put the club up for sale at the beginning of March, just a week after the invasion, before his assets were eventually frozen.

During his near two decade spell at the club, the 55-year-old turned the Blues from a side battling to get into the league's top four into one of the best teams in Europe.

In England they won five Premier League titles, five FA Cup and three League Cups during the era, and they had continental success with two Champions Leagues and two Europa League wins.

Abramovich spent billions on players and changed the landscape of football transfers, before the state owned clubs once again upped the ante.

Boehly takes over a club that have still been competitive this season, finishing third in the league, amidst the background of upheaval and fans not being able to buy tickets for games.

The American isn't as rich as Abramovich and there has previously been warnings the club won't be spending as much, but it's unlikely he won't still invest large amounts this summer.

The 48-year-old is also part owner of the Los Angeles Dodgers in Major League Baseball, and NBA's LA Lakers, as well as owning betting site Draftkings.

Since taking over the Dodgers in 2012, the franchise have topped their conference in all but two years and have won the World Series twice, also losing on one occasion.