The Next Edition
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
No Result
View All Result
The Next Edition
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
Home Top News

What Happens Next At Chelsea FC After Boehly Agrees To Buy Club?

Next Edition by Next Edition
May 7, 2022
in Top News
What Happens Next At Chelsea FC After Boehly Agrees To Buy Club?
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

American business tycoon Todd Boehly has agreed a £4.25billion ($5.24 billion) deal to buy Chelsea Football Club of London from Russian-Israeli billionaire Roman Abramovich.

Here below is a look at the state of play at Stamford Bridge.

You might also like

Medical Doctor, 2 Others Remanded For Alleged Child Theft In Anambra

Police Re-Arrest Enenche Enenche In Abuja Amid Trial For Alleged Cyberstalking Of Dunamis Pastor Paul Enenche

Senate Begins Public Hearing On Constitution Review In Lagos

How was the deal agreed?

Boehly and his consortium partners have battled past a host of suitors to strike a deal to buy Chelsea for the highest price ever paid for a sports club.

Former British Airways chairman Martin Broughton and Boston Celtics co-owner Steve Pagliuca had joined Boehly in the final three bidding to buy the Blues.

Boehly and his partners brokered a deal with New York merchant bank the Raine Group, handling the sale on Chelsea’s behalf.

Chelsea eventually announced the agreement in the early hours of Saturday.

So what happens now?

Boehly and his partners must pass the Premier League’s owners’ and directors’ tests, before the British government will then sign off the sale by granting a new licence for the deal to be completed.

Why is Chelsea FC being sold?

Abramovich put Chelsea up for sale on March 2, amid Russia’s continued invasion of Ukraine.

The 55-year-old was then sanctioned by the British government on March 10, with Downing Street claiming to have proven his links to Russia’s president Vladimir Putin.

Abramovich’s ownership was left untenable, with the billionaire selling Chelsea after 19 years at the Stamford Bridge helm.

Are there any remaining concerns around the sale?

Abramovich cannot profit from the sale under the terms of his sanctions, but the Chelsea owner has long since pledged to donate all proceeds to a charitable foundation to aid victims of the war in Ukraine.

The government must agree to Abramovich’s plans to set up an independently-run charitable foundation to handle the distribution of those funds.

Abramovich wants to write off his 1.5 billion pounds loan to Chelsea, but the sanctions currently block such a move.

Chelsea and the government expect to find a resolution, with the Boehly sale agreement paving the way for the deal to be completed.

Who else is involved in the winning consortium?

Clearlake Capital will take the majority shareholding, with co-founder Behdad Eghbali taking the lead on all things Chelsea from the California-based investment firm.

READ ALSO: UTME Begins Nationwide As 1.7m Candidates Sit For Examination

Boehly’s LA Dodgers co-owner Mark Walter adds yet more sports administration expertise, while Swiss magnate Hansjorg Wyss is also involved.

What if the deal were to hit an unlikely snag?

Chelsea and the Raine Group could turn to one of the previous bidders should any problems arise with Boehly’s offer.

Though this now seems highly unlikely, Broughton’s bid would be expected to be progressed first should Boehly hit any trouble.

Ineos chief Jim Ratcliffe appears further removed from the picture.

Britain’s richest man tabled a last-ditch offer for the Blues last week, but did so outside of the official sale process.

Raine rejected the bid out of hand, but in spite of that the 69-year-old had refused to admit defeat on his candidacy.(dpa/NAN)

Tags: #EndSARSAbujaAPCBenueBenue StateBoko HaramBreakingCovid-19entertainmentfeaturedFederal GovernmentnewsNIGERIA NEWS
Next Edition

Next Edition

Recommended For You

Kaduna Govt Charges ‘Fake’ Doctor Who Worked For 11 Years To Court

Medical Doctor, 2 Others Remanded For Alleged Child Theft In Anambra

  The Anambra State Children, Sexual and Gender-based Violence Offences Court sitting in Awka has remanded a 72-year-old doctor and two women for allegedly stealing and selling a...

Police Re-Arrest Enenche Enenche In Abuja Amid Trial For Alleged Cyberstalking Of Dunamis Pastor Paul Enenche

Police Re-Arrest Enenche Enenche In Abuja Amid Trial For Alleged Cyberstalking Of Dunamis Pastor Paul Enenche

  The Nigerian police have arrested Obonyilo Peter Enenche, popularly known as 'Enenche Enenche', in Abuja. He was last seen on Thursday at the birthday celebration of Senator...

Senate Investigates Killing Of 16 Nigerian Army Personnel In Delta

Senate Begins Public Hearing On Constitution Review In Lagos

  The Senate has officially commenced its much-anticipated public hearing on the comprehensive review of the 1999 Constitution, aiming to address critical reforms that could reshape the country’s...

Alt="Independent National Electoral Commission (INEC) Logo"

INEC Receives 12 Additional Party Registration Requests

  Mahmood Yakubu, INEC chairman facebook sharing buttontwitter sharing buttonemail sharing buttonsharethis sharing buttonwhatsapp sharing button The Independent National Electoral Commission (INEC) says it has received 12 additional...

Next Post
Ogun Begins Sale Of Admission Forms Into Colleges Of Nursing Sciences

Ogun Begins Sale Of Admission Forms Into Colleges Of Nursing Sciences




Related News

Yuletide Lagos State Unfolds New Measures To Address Traffic Gridlock Next Edition

Yuletide: Lagos State Unfolds New Measures To Address Traffic Gridlock

Ondo Guber Poll: APC’s Victory'll Be Landslide, Says Sanwo-Olu

Sanwo-Olu Names Council Building After Tinubu, Warns Youths Against Vandalism

Human Rights Watch Wants Authorities to Carry out Omar al-Bashir's 2009 ICC Arrest Warrant

Human Rights Watch Wants Authorities to Carry out Omar al-Bashir’s 2009 ICC Arrest Warrant




The Next Edition

Office Address

3B, Agboola Aina street, Off Toyin Street,
Ikeja, Lagos.

Quick Contact Details

Phone:
08033018430
Whatsapp:
08051679910

Email:
[email protected]
[email protected]

Categories

  • Aviation
  • Beauty
  • Breaking News
  • Business
  • Columnists
  • Editorial
  • Entertainment
  • Fashion
  • Featured
  • Football
  • Foreign
  • Headline News
  • Home & Garden
  • Interviews
  • Investigations
  • North Central
  • North East
  • North West
  • Opinion
  • Parenting
  • Politics
  • Relationships
  • South East
  • South West
  • South-South
  • Special Reports
  • Sports
  • Top News
  • Vox Pops

© Next Edition Business Development Limited

  • About Us
  • Advert Rate
  • Contact Us
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate

© Next Edition Business Development Limited