Dodgers part-owner Todd Boehly wins bid to buy Chelsea FC

A gaggle of buyers led by Dodgers part-owner Todd Boehly has agreed to buy Chelsea Football Club from sanctioned Russian oligarch Roman Abramovich.

The new possession group, which additionally options funding agency Clearlake Capital, one other Dodgers co-owner in Mark Walter and swiss billionaire Hansjoerg Wyss, is shopping for the London-based Premier League group for £4.25 billion ($5.25 billion), the membership introduced Friday.

The deal is anticipated to be accomplished in late May “subject to all necessary regulatory approvals,” the group mentioned in an announcement.

Abramovich put the membership on the market in early March following Russia’s invasion of Ukraine. The consortium led by Boehly — an funding banker who co-founded Connecticut-based holding company Eldridge Industries — beat out teams that included one led by Celtics co-owner and Bain Capital co-chair Stephen Pagliuca and one other by Philadelphia 76ers co-owners Josh Harris and David Blitzer.

“Of the total investment being made, £2.5bn [about $3 billion] will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100% to charitable causes as confirmed by Roman Abramovich,” Chelsea’s assertion mentioned. “… In addition, the proposed new owners will commit £1.75bn [about $2.16 billion] in further investment for the benefit of the Club.”