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    Chelsea F.C. Says It Will Sell to Boehly’s U.S.-Led Group

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    Chelsea, the Premier League soccer team whose sale was forced after the Russian oligarch who bankrolled its success was placed under crippling sanctions, will be bought by a consortium led by Todd Boehly, an American billionaire who is a part-owner of the Los Angeles Dodgers, the club said on Saturday.The price of 2.5 billion pounds, or $3.1 billion, would be the most ever paid for a team in any sport. The sale, one of the more unusual in modern sports history, still requires the approval of the British government, which imposed the sanctions on the club’s owner, Roman Abramovich, and froze his assets, including Chelsea, in the wake of Russia’s invasion of Ukraine.In a statement posted on its website early Saturday, Chelsea said the proceeds from the sale would be placed into a frozen British bank account, with the intention that all of the funds will eventually go to charitable causes, as Abramovich has promised.In addition to the sale price, Chelsea said, Boehly’s group had pledged to invest 1.75 billion pounds in the club, some of it for much-needed stadium renovations.Boehly’s group is being backed by the American investment firm Clearlake and also includes Hansjorg Wyss, a Swiss businessman, and Mark Walter, an American financier who serves as a co-owner and the chairman of the Dodgers.The decision capped two tumultuous months for Chelsea, its fans and Abramovich, who said on March 2 that he had reluctantly agreed to part with the team, just as Britain’s government was moving to impose restrictions on his fortune and his businesses.The sale process was accelerated once the government formally froze Abramovich’s assets, part of a wider set of sanctions imposed on a group of wealthy Russians with ties to Moscow after the war in Ukraine began. The government has called Abramovich a close ally of Russia’s president, Vladimir V. Putin.Roman Abramovich has owned Chelsea since 2003.John Sibley/ReutersChelsea has been in a kind of limbo ever since, operating under a special license issued by the government, which comes with strict conditions that have severely affected its business. The team is currently unable to buy or sell players in the summer transfer market, nor can it sell tickets or merchandise to its supporters. Its spending has been severely restricted, affecting everything from the team’s travel to the printing and sale of programs.The restrictions, meant to ensure that no money flows to Abramovich, will only be lifted once the sale is completed.Chelsea, led by Thomas Tuchel, the German coach who secured the Champions League title within months of taking over at Stamford Bridge last year, has endured on-field difficulties as it tries to navigate its new reality. The results have been mixed: While Tuchel’s team currently is in third place in the Premier League, it was eliminated from the lucrative Champions League last month. Several players with expiring contracts have announced that they will leave at the end of the season, and until the sale is completed, Tuchel and the club have no way to replace them.Boehly’s group was given a week to close the deal after being chosen last week as the preferred bidder by the New York-based advisory firm Raine Group and Chelsea’s board members.The sale was nearing a conclusion last week when it seemed to be upended, after one of Britain’s richest men, Jim Ratcliffe, announced a bid that mirrored the offer from Boehly’s consortium, after the deadline had passed. On Wednesday, Ratcliffe, who had emphasized his British credentials when making his offer, said Raine had dismissed his bid but vowed to keep fighting to secure the team.Chelsea’s price tag compares with the £1.8 billion valuation ($2.3 billion) for its London rival Arsenal, in 2018, after its American benefactor, the businessman Stan Kroenke, became the sole owner of the club by buying out the 30 percent stake of another now-sanctioned Russian oligarch, Alisher Usmanov, for more than $700 million. Unlike Chelsea, Arsenal has a modern stadium and its finances have been stable.Britain’s Treasury will have to issue a separate license for the sale to go through, with specific clauses that include a requirement that none of the sale proceeds go to Abramovich.The buyers and Raine have discussed the possibility of the proceeds going to victims of the war in Ukraine, an idea that Abramovich raised when he said he would waive an enormous debt owed to him by the club. But it is unclear how such a transfer would work.Todd Boehly, the American who leads the group that has reached an agreement to buy Chelsea, was at the club’s match against Wolves on Saturday.Justin Tallis/Agence France-Presse — Getty ImagesAbramovich invested nearly $2 billion of his personal funds during his 19-year tenure as owner, during which he covered losses of about $1 million a week as he recruited some of the best players in the world. The strategy was expensive but successful: Chelsea enjoyed the most successful period in its history, becoming a serial contender for domestic and international honors and winning five Premier League and two European Cups.If Boehly’s deal to buy the team goes through with the required approvals from the government and the Premier League, which also has to give its blessing to the sale, his group will have to figure out a way to maintain that successes while paring losses associated with the on-field success and also committing hundreds of millions of dollars to renovating Chelsea’s aging Stamford Bridge stadium, which with a capacity of just over 40,000 is far smaller than the arenas that play host to the Premier League’s biggest teams.Russia-Ukraine War: Key DevelopmentsCard 1 of 4Russia’s punishment of Finland. More

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      Roman Abramovich, Owner of Chelsea FC, Has Assets Frozen By Britain

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      The Premier League club will be allowed to continue operating, but it cannot sell tickets or merchandise and is blocked from buying or selling players.LONDON — For Chelsea F.C.’s players and coaches, the first snippets of information arrived in the text messages and news alerts that pinged their cellphones as they made their way to a private terminal at London’s Gatwick Airport on Thursday morning.The British government had frozen the assets of their team’s Russian owner, Roman Abramovich, as part of a wider set of sanctions announced against a group of Russian oligarchs. The action, part of the government’s response to Russia’s invasion of Ukraine, was designed to punish a handful of individuals whose businesses, wealth and connections are closely associated with the Kremlin. Abramovich, the British government said, has enjoyed a “close relationship” with Russia’s president, Vladimir V. Putin, for decades.The order applied to all of Abramovich’s businesses, properties and holdings, but its most consequential — and most high-profile — effect hit Chelsea, the reigning European soccer champion, which was at that very moment beginning its journey to a Thursday night Premier League match at Norwich City.News reports and government statements slowly filled in some of the gaps: Abramovich’s plans to sell the team were now untenable, and on hold; the club was forbidden from selling tickets or merchandise, lest any of the money feed back to its owner; and the team was prohibited — for the moment — from acquiring or selling players in soccer’s multibillion-dollar trading market.And hour by nervous hour, one more thing became clear: Chelsea, one of Europe’s leading teams and a contender for another Champions League title this season, was suddenly facing a worrisome future marked by austerity, uncertainty and decay.Even as it announced its actions against Abramovich and six other Russian oligarchs, the government said it had taken steps to ensure Chelsea would be able to continue its operations and complete its season. To protect the club’s interests, the government said, it had issued Chelsea a license allowing it to continue its soccer-related activities.The license, which the government said would be under “constant review,” will ensure that the team’s players and staff will continue to be paid; that fans holding season tickets can continue to attend games; and that the integrity of the Premier League, which is considered an important cultural asset and one of Britain’s most high-profile exports, will not be affected.But the sanctions will put a stranglehold on Chelsea’s spending and seriously undermine its ability to operate at the levels it has for the past two decades.By Thursday, the effort to ensure that no money flows to Abramovich was playing out in ways large and small. The telecommunications company Three suspended its jersey sponsorship — a lucrative revenue stream — and asked that its logo be removed from Chelsea’s uniforms and its stadium.At a club-owned hotel near the team’s Stamford Bridge stadium, the front desk stopped booking rooms and the restaurant shut down food and beverage service. Around the corner, at the official Chelsea team store, business continued as usual until security officials abruptly closed the shop. Shoppers, who had been filling baskets with club merchandise, were told to put everything back and leave.Moments later, signs were taped to the locked entrances. “Due to the latest government announcement this store will be closed today until further notice,” they read.Security guards closed Chelsea’s team store and blocked entrances to its stadium on Thursday.Hannah Mckay/ReutersAn uncertain future awaits, with the sanctions affecting everything from the money Chelsea spends on travel to how it dispenses the tens of millions of dollars it receives from television broadcasters.Chelsea acknowledged its new reality in a statement, but suggested it intended to immediately enter into discussions with the government about the scope of the license the team had been granted. “This will include,” the team said, “seeking permission for the license to be amended in order to allow the club to operate as normal as possible.”At the club on Thursday morning, staff members were struggling to come to terms with what the government’s actions would mean for them, their jobs and the team. Many club officials, including Chelsea’s coach, Thomas Tuchel, a German, and Abramovich’s chief lieutenant, the club director Marina Granovskaia, were still trying to understand what they could and could not do.One major deal is off the table: The freezing of Abramovich’s assets makes it impossible — at least in the short term — for him to follow through on his announced plans to sell Chelsea. Under the new arrangement, the British government will have oversight of that process. And while it said it would not necessarily block a sale, the effect would be to heavily diminish any proposed sale price, and the proceeds “could not go to the sanctioned individual while he is subject to sanctions” — leaving Abramovich little incentive to move forward.Whatever happens next, nothing will be the same at Chelsea. Since Abramovich arrived as a little-known Russian businessman in 2003, he has lavished more money on buying talent than almost any other club owner in soccer history, with Chelsea’s constant flow of players and coaches in and out of the club being a hallmark of his years in charge. In the minutes after the sanctions were announced, though, it quickly became apparent that Chelsea would cease to be a player in the multibillion-dollar player trading market, unable to acquire new talent, to sell any of its current players and, without Abramovich’s regular infusions of his personal fortune, to continue to pay the huge salaries of the players it currently employs.The American Christian Pulisic and other Chelsea players now face an uncertain future.Toby Melville/ReutersFor Chelsea fans, too, there was confusion about how and when they could attend games. While season tickets will remain valid, any new sales are prohibited, including to away matches and, crucially, any future Champions League games should the team advance to the later rounds of the competition. Chelsea’s next Champions League game, at the French champion Lille, is set for Wednesday; a berth in the quarterfinals is at stake.That trip and any future travel outside London will now be carefully scrutinized after the government announced a per-game limit of 20,000 pounds (about $26,000) in travel expenses. Those penalties might have been among the discussion points as Chelsea’s players and staff members traveled to the private terminal at Gatwick Airport, south of London, to board a chartered jet for the short flight to Norwich.By then, Tuchel’s phone was buzzing. Tuchel, the coach who last week responded angrily to a stream of questions about Abramovich and Ukraine at a news conference, probably knew little more than those who were peppering him with questions.On Thursday, he would have been trying to focus on the trip to Norwich City, where his team won, 3-1, and on the one that will follow on Sunday, Chelsea’s first home game since its world turned upside down.At that game, perhaps for the final time in months, Chelsea will play in front of a full house. A sign attached to the entrance of Stamford Bridge said as much on Thursday: The home game against Newcastle United is sold out. More