Chelsea FC Takeover Completed As Roman Abramovich's 19 Years As Owner Ends

Roman Abramovich's 19-year spell as Chelsea owner is over after the club announced on Monday that the takeover led by Todd Boehly had been completed.

A statement published on chelseafc.com began: "Roman Abramovich has completed the sale of Chelsea Football Club and related companies to an investment group led by Todd Boehly and Clearlake Capital.

"This sale process commenced on 2 March, when Mr. Abramovich announced his intention to sell the Club after 19 successful years of ownership. In selling the Club, Mr. Abramovich stipulated that the new owner must be a good steward of the Club, the net proceeds of the sale must be donated to charity, and that he would not seek the repayment of loans made to affiliates of the Club.

"Following this announcement, the Board of Directors and senior staff at the Club immediately commenced work on the sale transaction. Raine, a global merchant bank chosen by the owner to run the sale process, has significant expertise and experience advising premium sports clubs on mergers and acquisitions and advised the owner and the Club in the process."

Chelsea's statement went on to reveal that the club had received over 250 enquiries from interested parties after Abramovich announced his intention to sell.

Twelve "credible bids" were later made, before the Boehly and Clearlake Capital consortium was chosen as the preferred bidder.

More to follow.