Chelsea Statement in full. 

Roman Abramovich has completed the sale of Chelsea Football Club and related companies to an investment group led by Todd Boehly and Clearlake Capital.

This sale process commenced on the 2nd of March, when Mr. Abramovich announced his intention to sell the Club after 19 successful years of ownership. In selling the Club, Mr. Abramovich stipulated that the new owner must be a good steward of the Club, the net proceeds of the sale must be donated to charity, and that he would not seek the repayment of loans made to affiliates of the Club.

Following this announcement, the Board of Directors and senior staff at the Club immediately commenced work on the sale transaction. Raine, a global merchant bank chosen by the owner to run the sale process, has significant expertise and experience advising premium sports clubs on mergers and acquisitions and advised the owner and the Club in the process.

SANCTIONS

On 10 March, Mr. Abramovich was sanctioned by the UK Government. Under sanctions, the Club operated within the confines and constraints of the restrictive General Licence granted by the UK Government, while doing its best to maintain the ordinary course of business. At all times throughout the process the Club’s objective was to support our men’s, women’s and academy teams and allow them to operate with the absolute minimum level of inconvenience and distraction.

These sanctions also presented unique and unforeseen challenges to the sale process, but the Board and Raine continued to work on the transaction in accordance with the owner’s objectives.

PROCESS

The process was extremely thorough and completed on an accelerated timeline. Many described the proposed transaction as “unprecedented”, and it was. A transaction such as this would normally take nine months to a year to complete; we did it in less than three months.

The Club received more than 250 enquiries from proposed purchasers, held detailed discussions with more than 100 individuals and entities, and entered into 32 confidentiality agreements, which allowed for due diligence with respect to confidential Club information. Ultimately, the Club received 12 credible bids, resulting in 4 and then 3 final bidders. The Todd Boehly and Clearlake Capital consortium was chosen as the preferred bidder.

PREFERRED BIDDER

The group led by Todd Boehly and Clearlake Capital rose above the other groups through the strength of the partnership between the group’s component parts, which includes Mark Walter, co-founder and CEO of Guggenheim Capital; and Hansjörg Wyss, founder of the Wyss Foundation; Todd and Mark’s participation in the ownership of several sports franchises with sustained winning traditions, including the Los Angeles Dodgers, the Los Angeles Lakers, and the Los Angeles Sparks; a belief by the Board that this group could help the Club resolve certain current challenges and could assist in creating new opportunities, and help the Club reach its long-term strategic objectives. We believe the Board and the Boehly/Clearlake group have a shared vision for the future of Chelsea Football Club.

STRUCTURE OF TRANSACTION

In choosing the right stewards for the Club through this transaction, we agreed with the new owners that their group would make certain binding financial commitments, including investments in the Academy and women’s team, the redevelopment of Stamford Bridge and the Chelsea Foundation.

We also agreed several further conditions to ensure that the new owners continue to provide equity funding for future capital and operating expenditures, and that the Club will not be laden with inappropriate financial indebtedness.

STAKEHOLDERS AND APPROVALS

Throughout this process, we have worked very closely with the UK Government, in particular the Department for Digital, Culture, Media and Sport (DCMS), and HM Treasury, as well as with the Premier League, The FA and UEFA. In order to complete the transaction, we needed consents and approvals from all, and in particular from the UK Government.

We have been able to obtain all necessary consents, as well as further licences required in Portugal, Canada and Jersey due to the structure of the previous ownership

New joint control owners are committed to growth and building on the tradition of unparalleled football excellence.

The consortium led by Todd Boehly, chairman and CEO of Eldridge, and Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”), today announced completion of the ownership transfer of Chelsea Football Club (“Chelsea FC” or “the 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. 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.

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.

“We are honoured to become the new custodians of Chelsea Football Club,” said Boehly. “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.”

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.

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.

35 people were arrested in total after officers were called to both service stations on Thursday morning. 

Police reported they were gluing themselves to the pumps, forecourt signs and vehicles, as well as blocking access. 

35 pumps were damaged at Cobham Services, and a further 20 pumps at Clacket Lane.

Police were called to Mitcham Road outside the BP garage at 3am.

Officers are in the process of tracing the man's next of kin.

Anyone with information is asked to call the Serious Collision Investigation Unit on 020 8285 1574 or via 101 quoting reference CAD 737/30May.

The net proceeds of the sale will go towards the humanitarian effort in Ukraine.

Russian oligarch Roman Abramovich can't make money from it as he's been sanctioned for apparent links to Vladimir Putin.

Boehly is also co-owner of the LA Dodgers baseball team.

The jockey, who passed away yesterday, won  the flat-race a record nine times.

It is understood this is the first time The Derby has been run in memory of any individual.

Jockeys will wear black armbands across both days.

Emergency crews were called in the early hours of Saturday to St Margaret’s Road.

The two 18-year-old women are said to have non-life-threatening injuries.

Anyone with information is asked to contact police on 101.

The French sports minister, who's meeting Uefa officials this morning, says large numbers turned up without valid tickets - and were responsible for the initial crowd control problems.

Some supporters were tear-gassed and pepper sprayed by police in Paris.

The club's setting up a mechanism to allow fans to share their experiences.

From 11am on Friday to 6am on Sunday, police will be able to order people to leave the town, train stations, and racecourse areas.

Emergency crews were called at around 6.20pm on Saturday. 

The brigade took 12 calls to the blaze, but there are no reports of any injuries.

The cause is under investigation by both the police and the fire brigade.

Bec Old Boys continued their losing streak, going down by nine wickets to St Luke's.

Meanwhile, Surrey Warriors Strikers continued to dominate with a 125 run win over Balham and Tooting.

Ploughman's and Wandsworth had a long game, with Ploughman's finally going down by four wickets after Wandsworth hit 274 runs.

Libraries across the borough are to start hosting exhibitions this week.

They’ll showcase fascinating finds from Hounslow’s archives over the years.    

Residents are being encouraged to help to build upon the exhibitions by sharing their memories, stories and photos from the past.  

Five people died and 13 were injured when the Big Dipper wooden rollercoaster came off its tracks. 

Wandsworth Council Leader, Simon Hogg, says the families “will have a memorial” in Battersea Park. 

Unity Allstars Black were awarded gold, whilst Team Ruby were crowned bronze champions.

The Unity Allstars team was established in 2006 and has grown to over 20 teams with almost 500 athletes.

The team are managed by Everyone Active and have trained at the David Weir Leisure Centre in partnership with Sutton Council since June 2019.

 It is the second day of the Rugby Sevens at Twickenham Stadium.  Radio Jackie's Natalie Osborne reports on England's defeat at the hands of Fiji in the Quarter-Finals.

The ‘Night Club’ programme has been designed specifically for key workers and has been stationed at the site for the last month.

Professor Russell Foster is the Director of the Sleep and Circadian Neuroscience Institute in Oxford.

He explains what can happen to our bodies because of a lack of sleep.

The Grade I listed stone is said to be the site of the coronation of seven Anglo-Saxon kings.

It was commissioned to be refurbished as part of the borough’s commemoration of the Queen’s Platinum Jubilee.

A walking Jubilee Trail, which encourages people to visit a number of important pieces of Kingston’s history, has also launched.

Roundabout, an award-winning portable pop-up venue which frequents the festival, is coming to Memorial Gardens in July.

It will host premieres of three new plays by some of the UK’s most exciting upcoming playwrights

Kingston Council says it’s part of the borough’s “proud history of supporting the arts.”

The aim is to bring organisations and businesses together to unite against racism.

The Pledge was developed in the wake of the murder of George Floyd in America in 2020.

It specifically recognises residents and employees of African, Caribbean, and African Latin heritage in the borough.