The British soccer club Chelsea will be sold to a group of investors led by an American billionaire, formally ending nearly two decades of ownership by Kremlin-connected oligarch Roman Abramovich.
The club’s announcement, made early on May 7, ends nearly two months of uncertainty for the club, which was put up for sale just prior to the British government imposing economic sanctions on Russia for its invasion of Ukraine.
A consortium of investors, led by American Todd Boehly, will take ownership of the club in a deal valued at 4.25-billion pounds ($5.2 billion).
The group must get formal approval from the Premier League --Britain’s main professional soccer league -- and the British government, though that is widely expected.
Abramovich, an oil oligarch whose fortunes and clout have been closely tied to Russian President Vladimir Putin, owned Chelsea for 19 years.
During that time, he poured billions of dollars in the club, helping transform it into one of global soccer’s best teams and an internationally famous brand.
His British assets were frozen by the British government as part of a wider set of sanctions announced on March 10 against a group of Russian oligarchs, aimed at punishing Russia’s invasion of Ukraine in February.
In making the announcement, the British government said Abramovich had enjoyed a “close relationship” with Putin for decades.