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American billionaire, Todd Boehly, agrees deal to buy Chelsea Football Club for £2.5bn

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English Premier League club, Chelsea, on Friday, confirmed that the club has agreed terms with a consortium led by American billionaire Todd Boehly, to takeover from embattled Russian oligarch, Roman Abramovich, for a fee in the region of £2.5 billion.

A statement on the club’s website confirming the agreement, said complete takeover of the club by the Boehly consortium Is expected to be completed by the end of May “subject to all necessary regulatory approvals” by the UK government.

“Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the Club,” the statement said.

“Of the total investment being made, £2.5bn will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100% to charitable causes as confirmed by Roman Abramovich.

“UK Government approval will be required for the proceeds to be transferred from the frozen UK bank account.

“In addition, the proposed new owners will commit £1.75bn in further investment for the benefit of the Club. This includes investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation.

“The sale is expected to be completed in late May subject to all necessary regulatory approvals. More details will be provided at that time.”

The American businessman, investor, and philanthropist who is the co-founder, Chairman and Chief Executive Officer of Eldridge Industries, a holding company based in Greenwich, Connecticut, USA, also owns stakes in the MLB’s Los Angeles Dodgers, the NBA’s Los Angeles Lakers and the WNBA’s Los Angeles Sparks.

The club’s embattled current owner Abramovich, who is subject to sanctions by the British government and has seen his assets frozen by the government, had put the club up for sale in early March following the Russian invasion of Ukraine, saying at the time it was “in the best interest of the Club.”

The announcement of the Boehly deal comes with just over three weeks remaining on the club’s current operating licence, which expires on May 31.

Among those who had previously expressed interest in buying the club included British billionaire Jim Ratcliffe and groups led by Boston Celtics co-owner Stephen Pagliuca and former British Airways chairman Martin Broughton, and a consortium led by Chicago Cubs owners the Rickets family.

Boehly’s interest in the current European champions is not new; in 2019, he had made a £2.2b bid to buy the Blues from Abramovich, an offer that was swiftly rejected.

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Kenyan marathon legend Kipchoge advises young athletes to prioritize success over money

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Kenyan marathon legend, Eliud Kipchoge, has advised young athletes to place success ahead of quick money and riches.

The former world marathon record holder who gave the admonition in an interview with TelecomAsiaSport, urged upcoming athletes to prioritise their careers and personal values over the lure of fast money

He noted that in light of rising mental health concerns and growing cases of doping in sports, young athletes must to shift their focus from chasing quick financial gains to building lasting careers with integrity and resilience.

Kipchoge, a two-time Olympic gold medallist and celebrated for his record-breaking marathon runs, said since retiring from the sport, he has dedicated himself to nurturing the next generation of sportsmen and women.

“I am trying to talk to the young people because no one has really gone under the skin of athletes,” he said.

‘There is a lot going on under their skins but above all we need to sensitise them that life is not all about money.

“You need to have your own values as a person, and that is what should drive you,” Kipchoge emphasised.

He added that his hopes are to use his influence to guide young athletes in prioritising personal values, mental well-being, and career longevity over the fleeting allure of fame and money.

The marathon great reiterated that he is deeply concerned with the current state of affairs, especially as he sees the tragic impacts of depression and substance abuse on those who struggle to cope.

He made particular reference to the deaths of young athletes who succumbed to the pressures of the industry, citing the tragic death of former world Under-20 champion, Kipyegon Bett, who passed away after battling depression and alcoholism, according to close family members.

He also mentioned the demise o Clement Kemboi, a former All Africa Games steeplechase champion, who was found to have taken his own life at his home in Iten.

“I will still continue talking to them. And if all of us can come together and get our minds together, we can get rid of these things. It is unfortunate that we can lose athletes at such a young age, and it is more unfortunate that we can have young people get into depression and die.”

He attributes much of the current doping crisis to the culture of seeking quick, easy money, rather than focusing on building a reputation of dedication and integrity, adding that he has witnessed how the pressure for financial success can steer young athletes down dangerous paths, often leading to doping as a shortcut to fame and prosperity.

Despite the challenges, Kipchoge said he remains hopeful that a positive shift is possible if athletes receive the right mentorship and guidance early in their careers.

“There is a need for athletes to understand that a fulfilling life extends beyond medals and money. The fame and fortune are secondary to the peace and pride of knowing you did it the right way,” he concluded.

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South Africa’s FA president Danny Jordaan arrested on fraud, theft allegations

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The President of South African Football Association (SAFA), Danny Jordaan, has been arrested on allegations of fraud and theft.

Jordaan, who was pivotal to the country hosting the first-ever FIFA World Cup tournament in Africa in 2010, is being accused of using about R1.3 million ($72,372) of SAFA funds to hire a PR firm and a private security company for his personal benefit.

His arrest follows a raid carried out by the country’s Special Investigating Unit (SPU) at the offices of SAFA in March where it was alleged that an assortment of electronic gadgets and files were seized for further investigation, thus leading to the arrest.

SA Police spokesperson, Katlego Mogale, who confirmed Jordaan’s arrest, told journalists that he was
arrested along with one other official and a businessman and are expected to appear in the Palm Ridge Magistrates Court on Wednesday.

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