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"contents": "<div class=\"news--published-info\">\r\n<div>By David Hellier</div>\r\n<time>May 30, 2022, 5:36 PM - Updated on May 30, 2022, 7:13 PM</time>\r\n<div>Word Count: 388</div>\r\n</div>\r\n<article><span class=\"article--attribution\">(Bloomberg) --</span>Chelsea confirmed the completion of the deal in a <a href=\"https://www.chelseafc.com/en/news/2022/05/30/statement-from-board-of-directors-of-chelsea-football-club-limit?utm_source=tw&utm_medium=orgsoc&utm_campaign=none\" target=\"_blank\" rel=\"noopener noreferrer\">statement</a> Monday. It ends almost 20 years of ownership under billionaire Abramovich, during which the club rose to become one of the dominant forces in the English Premier League.\r\n\r\nAbramovich was forced to put the team up for sale earlier this year, shortly before being sanctioned as part of the UK’s response to Russia’s war in Ukraine. Raine Group, the US advisory firm, was tasked with handling the sale of one of the biggest brands in European sport.\r\n\r\n“The club received more than 250 enquiries from proposed purchasers,” Chelsea said in a statement. “Ultimately, the club received 12 credible bids.”\r\n\r\nThese where whittled down to just three, with Boehly beating out <a href=\"https://www.bloomberg.com/news/articles/2022-04-29/jim-ratcliffe-makes-late-5-3-billion-bid-for-chelsea-fc\" target=\"_blank\" rel=\"noopener noreferrer\">competition</a> from rival consortiums led by British businessman Martin Broughton and Bain Capital co-chairman Stephen Pagliuca. There was also a <a href=\"https://www.bloomberg.com/news/articles/2022-05-04/jim-ratcliffe-sees-late-chelsea-fc-offer-rejected-out-of-hand\" target=\"_blank\" rel=\"noopener noreferrer\">late</a> proposal from British billionaire Jim Ratcliffe.\r\n\r\nBoehly’s winning bid is backed by California-based private equity firm Clearlake Capital. It includes a £2.5 billion purchase of shares and £1.75 billion for further investments to benefit the club.\r\n\r\nThe process was complicated by the need to comply with sanctions and ensure none of the proceeds found their way to Abramovich, but instead to charitable causes. The bid was signed off by the EPL and UK government <a href=\"https://www.bloomberg.com/news/articles/2022-05-25/uk-government-issues-license-for-sale-of-chelsea-fc\" target=\"_blank\" rel=\"noopener noreferrer\">last week</a>.\r\n\r\n“We’re all in – 100% -- every minute of every match,” Boehly said in a separate statement. “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.”\r\n\r\nChelsea won 21 trophies under Abramovich, including the EPL five times and the UEFA Champions League twice. The club’s takeover by Boehly, one of the owners of the Los Angeles Dodgers baseball team and former Guggenheim Partners president, is a milestone moment for elite football in England. It means that next season, for the first time, more than half the teams competing in the EPL will be <a href=\"https://www.bloomberg.com/news/articles/2022-05-18/epl-s-chelsea-arsenal-american-owners-reflect-new-league-money\" target=\"_blank\" rel=\"noopener noreferrer\">backed</a> by American money.\r\n\r\nBoehly was advised by Deutsche Bank AG, Goldman Sachs Group Inc., Moelis & Company LLC and Robey Warshaw.\r\n<div class=\"article--trashline\">(Updates with detail of sale process in seventh paragraph. The value of the deal was corrected in an earlier version of this story.)</div>\r\n<div class=\"article--copyright\">© 2022 Bloomberg L.P.</div>\r\n</article>",
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