Roman Abramovich completes $5.3 billion sale of Chelsea FC to group led by LA Dodgers co-owner Todd Boehly

Roman Abramovich has completed the $5.3 billion sale of Chelsea soccer club nearly three months after the Russian oligarch was hit with Western sanctions.

The club said in a statement on Monday that the group led by LA Dodgers co-owner Todd Boehly and investment firm Clearlake Capital Group had taken ownership of the Premier League football team.

Clearlake and Boehly, who will be chairman of the holding company, will have joint control and management of the club, Chelsea FC said.

Abramovichannouncement he sold Chelsea FC on March 2 after 19 years of ownership. Eight days later he was sanctioned by the UK over its close ties to Russian President Vladimir Putin.

In a separate space statement On Monday, the Chelsea FC board said the sanctions against Abramovich presented unique and unforeseen challenges to the sale.

“A transaction like this would normally take nine months to a year to complete; we did it in less than three months,” the board said in the statement.

Abramovich wanted the new owner to be a “good steward” of Chelsea FC and asked that all proceeds from the sale be donated to charity, the board added.

“We’re all 100% every minute of every game,” Boehly said in the statement. “Our vision as owners is clear: we want to make the fans proud.”

The British government last week approved the sale from Chelsea FC to the group led by Boehly, claiming that Abramovich would not benefit from the profits and that the money would be used for humanitarian causes in Ukraine.

British Secretary of State Nadine Dorries tweeted on Monday that sanctioning Abramovich was “just and necessary”, but that it caused “deep uncertainty” for Chelsea FC. Her too said that proceeds from the sale would be “frozen” and could only be used with government approval.

David C. Barham