The takeover of Chelsea by the Todd Boehly/Clearlake Capital consortium has finally been completed. The Roman Abramovich era at Stamford Bridge is officially over after 19 years.
It was confirmed on Saturday a "final and definitive agreement" had been reached on the sale of Chelsea to the Boehly-led consortium – and that it would be finalised today with the transaction of the club. That has now taken place and a statement has been released on the Blues' website.
It reads: "Roman Abramovich has completed the sale of Chelsea Football Club and related companies to an investment group led by Todd Boehly and Clearlake Capital.
READ MORE: An open letter to incoming Chelsea owner Todd Boehly with the Roman Abramovich era at an end
"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."
Abramovich bought Chelsea in the summer of 2003 and transformed the club into a European powerhouse. Nineteen major trophies were won during his time as owner and the Russian – who remains under sanctions by the UK government and EU – has called his tenure the "honour of a lifetime".
"It has been nearly three months since I announced my intention to sell Chelsea FC," Abramovich said in a rare statement released on Saturday. "During this time, the team have worked hard to find the right custodian for Chelsea FC that would be best positioned to successfully lead the Club into its next chapter.
"The ownership of this Club comes with great responsibility. Since I came to Chelsea nearly twenty years ago, I have witnessed first-hand what this Club can achieve. My goal has been to ensure that the next owner has a mindset that will enable success for the Men’s and Women’s team, as well as the will and drive to continue developing other key aspects of the Club, such as the Academy and the vital work of Chelsea Foundation. I am pleased this search has now come to a successful conclusion.
"As I hand over Chelsea to its new custodians, I would like to wish them the best of success, both on and off the pitch. It has been an honour of a lifetime to be a part of this Club – I would like to thank all the Club’s past and current players, staff, and of course fans for these incredible years.
"I am proud that as a result of our joint successes, millions of people will now benefit from the new charitable foundation which is being established. This is the legacy which we have created together.
"Thank you. Roman."
It was at the beginning of March, just a week after Russia's invasion of Ukraine, that Abramovich announced his decision to put Chelsea up for sale. Eight days later, he was sanctioned by the UK government, but a special licence was granted so that the club could continue operating day-to-day.
That licence expired on May 31, and so began a race against time for Chelsea to be sold. U.S. merchant bank The Raine Group oversaw the process and over the course of two months, whittled down a number of potential bidders to a four-consortium strong shortlist.
The offer from the Boehly consortium, which is supported by investment firm Clearlake Capital, Swiss billionaire Hansjorg Wyss and Mark Walter, was always viewed as strong. That they were willing to accept the varied demands set out by Abramovich to protect the club's immediate future was also hugely important.
Approval was required from the Premier League and the UK Government, however. And the latter was intent on ensuring that Abramovich would not benefit from the sale of the club, which has won 19 trophies in the 19 years since the Russian arrived at Stamford Bridge.
It was confirmed last week that those within the Boehly consortium had passed the Premier League's owners' and directors' test. The UK government released a statement that gave its approval to the sale going through soon after. And on Saturday came confirmation that the takeover had all been agreed upon by Abramovich and the Boehly-led consortium.
