EPL: Boehly officially replaces Abramovich as Chelsea owner

The Todd Boehly-led consortium on Monday completed a £4.25bn takeover of Chelsea.

It brings to an end Roman Abramovich’s 19-year ownership of the club.

The new owners in a statement, said they are “committed to investing in key areas that will extend and enhance Chelsea’s competitiveness, including the redevelopment of Stamford Bridge, further investment in the academy, the women’s team and Kingsmeadow stadium,” adding they will “continue the important work of the Chelsea Foundation”.

After months of negotiations, the deal was finally approved last week, when the government received legal guarantees that Abramovich would not benefit from the sale.

The proceeds from this sale will be frozen in a UK bank account until the government receives more assurances that the funds will solely go to support humanitarian causes in Ukraine.

Boehly set out his consortium’s vision in a statement on Chelsea’s website, added: “I personally want to thank ministers and officials in the British government, and the Premier League, for all their work in making this happen.”