An investor group led by LA Dodgers half-owner Todd Boehly has taken over Chelsea FC from Russian oligarch Roman Abramovich, who has owned the Premier League club since 2003.
Boehly’s group is buying the club in a deal worth $5.25bn (£4.25m), making it the most expensive team transaction in the sport, according to figures shared by the club in a statement released May 6. A total of $3.1 billion will be spent to take over the club’s shares from Abramovich, and the rest will be invested in the club.
The deal is expected to be formally approved by the UK government and the Premier League by the end of May. The Boehly group is backed by US investment firm Clearlake Capital and also includes Swiss billionaire Hansjorg Wyss, Dodgers co-owner Mark Walter and British real estate investor Jonathan Goldstein.
Who is Todd Boehly?
Todd Boehly is an American businessman, investor and philanthropist. He is the co-founder, chairman, CEO and controlling member of Eldridge Industries, a holding company based in Greenwich, Connecticut. He is also the interim CEO of the Hollywood Foreign Press Association.
The grandson of German immigrants graduated from Bethesda, Maryland in 1991 from the Landon School in Bethesda, Maryland. He also graduated from the College of William & Mary in 1996 with a BBA in Finance. Later, Boehly came to study at the London School of Economics. Moving into the beginning of his professional career, Boehly worked at Citibank and CS First in Boston before moving to Guggenheim Partners in 2001.
Todd played a role in a deal between Time Warner Cable and the Los Angeles Dodgers to create SportsNet LA, which broadcasts events related to the baseball series.
In 2015, he founded Eldridge Industries, including media assets such as Billboard, Variety, The Hollywood Reporter, Dick Clark Productions, and Security Benefit, which manages pension funds. He also continued to invest in real estate, own a technology company, and get involved in the food industry.
Todd Boehly’s Net Worth and his business maneuvers
According to Forbes, 46-year-old American businessman Todd Boehly is worth around $4.5 billion. He is a successful businessman who has revealed some of his strategies and keys to his success before.
“My goal when negotiating is to get the best deal for all parties, not for myself. Most people try to squeeze every penny for themselves. This strategy makes them more money on a particular deal, but does not build trust or lasting relationships.” Boehly stated daily mail in an earlier interview.
Boehly is also known for his philanthropy as he invests in a number of charities.
Todd Boehly’s ownership in other sports team
Boehly is heavily involved in US professional sports, particularly as a partial owner of Major League Baseball team LA Dodgers and a member of the ownership consortium, Guggenheim Baseball Management.
Boehly led the acquisition of Major League Baseball franchise LA Dodgers in 2012 and completed a $2.1 billion acquisition. His personal stake in that club is reportedly 20 percent.
It also has a minority stake in the legendary NBA basketball team LA Lakers and Sparks, and is buying a 27 percent stake in the club, along with the ownership group Mark Walters.
Performance of the LA Dodgers under the ownership of Todd Boehly
As half-owner of the LA Dodgers, Boehly managed one of the top spending baseball teams of the past decade. The Dodgers have the highest payroll in baseball for the 2022 MLB season, with a valuation of over $289 million, $30 million more than any other team.
The Dodgers have four players with annual salaries of over $20 million, led by Freddie Freeman and Mookie Betts, who teamed up to make $49.5 million in 2022.
This heavy spending helped the club make three World Series games during his ownership and won the title in 2020.
Prospects for Chelsea led by Todd Boehly
Fans of the club will hope that the new ownership will help the club win trophies, bring in top-notch talent and show similar passion to its previous owner.
Roman Abramovich’s reign since 2003 has seen the club push itself to the top by winning every trophy possible. He was important in breaking the hegemony of Manchester United and Arsenal at the turn of the century.
The consortium led by Todd Boehly has big shoes to fill. The team also needs a lot of reinforcements. Coping with teams like Manchester City and Liverpool is also a huge challenge.
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