Chelsea say that they received 250 enquiries from interested buyers when Roman Abramovich put the club up for sale in early March with a dozen of those leading to credible offers before news the new owners, led by American billionaire Todd Boehly, were put forward as the preferred bidders.
The takeover, which has cost the Boehly group an initial £2.5bn in addition to a legally binding commitment to make investments of £1.75bn in the club's infrastructure over the next decade, was completed over the weekend following a saga that took place under the cloud of government sanctions.
In a long statement outlining the sale after Boehly broke his silence, the existing board said: "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 four and then three final bidders. The Todd Boehly and Clearlake Capital consortium was chosen as the preferred bidder."
Boehly's group has significant financial investment from the California firm Clearlake Capital. Business partners Hansjorg Wyss and Mark Walter will also hold stakes and Chelsea said that they were selected in part because of a belief they can "resolve certain current challenges and assist in creating new opportunities, and help the club reach its long-term strategic objectives."
The new primary owner has spoken on the record for the first time, saying that "our vision 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."
Sports minister Nigel Huddleston has since confirmed that the club will no longer be under the conditions of stringent government operating licence, which was introduced a week after the club was put up for sale because of Abramovich's alleged links to Russian president Vladimir Putin.
"The sale of @ChelseaFC has now been completed - a great relief to Chelsea fans around the country and indeed the world. The takeover means that the club is no longer subject to the sanctions imposed on Roman Abramovich, and can look ahead to a secure long-term future.," Huddleston said on Twitter.
"I know the Boehly Clearlake consortium engaged with @ChelseaFC supporters throughout the sale process, and are committed to fan representation in the running of the club - in line with our fan led review of football governance. I look forward to hearing more about their plans."
