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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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Egypt announces plans to bid for 2036 Olympic games. Will they get it?

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Egypt’s youth and sports minister has revealed that the North African country will apply to host the Summer Olympic Games in 2036.

According to a statement by the ministry on Saturday, the bid would make Egypt the first Arab or African nation to host the event if successful.

The Minister, Ashraf Sobhi, and President Abdel Fattah Al-Sisi gave the green light to apply. He added during a reception for International Olympic Committee President Thomas Bach in Cairo.

Although the process of applying to host the 2036 Olympics has not begun, there are reports of interest from countries including Germany, Mexico, Turkey, Russia, India, and Qatar.

The Olympic bidding process begins with the submission of a city’s application to the International Olympic Committee (IOC) by its National Olympic Committee (NOC) and ends with the election of the host city by the members of the IOC during an ordinary session.

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Zambia FA launches investigation into alleged sexual abuse in women’s national team

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The Football Association of Zambia (FAZ), has set up a probe panel to investigate allegations of sexual assault in the women’s national team after several claims by the media citing some players.

The Secretary General of the Federation, Adrian Kashala, who inaugurated the panel on Friday, said its mandate was to unravel the truth behind the allegations that have rocked the country’s women’s game.

In the past few weeks, accusations have been rife on social media with claims that some players of the Shepolopolo were selected to play in the national team after allegedly being asked to give “sexual favours” to unnamed officials in the football association.

“Although at FAZ we have no record of official complaints brought from anyone on the allegations, we consider the allegations very serious and have opened an inquiry into the matter,” Kashala said in a statement.

“We shall collaborate with the Zambia police and other stakeholders in dealing with this matter,” he added.

The statement asked anyone with useful information and evidence of sexual abuse among female national team’s players to report to the association.

“We have since written to the Zambia police to invite anyone with evidence to help with investigations. The nation shall be notified of the outcome of the inquiries once concluded. Until then we shall provide no further comment,” Kashala said.

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