A consortium led by dick clark productions and Los Angeles Dodgers backer Todd Boehly and Clearlake Capital Group has completed a deal to acquire English soccer club Chelsea for a reported £4.25B ($5.3B).
Boehly, Chairman and CEO of DCP and MCR owner Eldridge Industries, will become Chairman of Chelsea FC, which finished third in this year’s English Premier League. He will share joint control and equal governance with Clearlake.
The consortium also includes Hansjörg Wyss, founder of the Wyss Foundation, and Mark Walter, co-founder and CEO of Guggenheim Capital. Walter and Boehly own the Los Angeles Dodgers and has stakes in the Los Angeles Lakers and Los Angeles Sparks.
Chelsea, winner of six English league titles and two European Champions Leagues, went on the block earlier this year after former owner Roman Abrahamovic had his British assets frozen due to his links to Russian President Vladimir Putin following the invasion of Ukraine.
“We are honoured to become the new custodians of Chelsea Football Club,” said Boehly. “We’re all in — 100% — every minute of every match. Our vision as owners is clear: we want to make the fans proud. 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. I personally want to thank ministers and officials in the British government, and the Premier League, for all their work in making this happen.”
Deutsche Bank, Goldman Sachs, Moelis & Company LLC, and Robey Warshaw LLP served as financial advisors to the consortium. Latham & Watkins LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and Sidley Austin LLP served as legal counsel.
The Raine Group served as exclusive financial advisor to Fordstam Limited and Chelsea FC. Northridge Law LLP, Simmons & Simmons LP, and Pillsbury, Winthrop, Shaw, Pittman LP served as legal counsel.
Boehly’s MRC and Deadline’s parent company PMC have a joint venture, PMRC, which houses PMC’s Rolling Stone, Variety and Music Business Worldwide interests along with MRC’s The Hollywood Reporter, Billboard and Vibe.