Connect with us

Sports

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

Published

on

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.

Sports

Kenya’s Edwin Kibet wins 2023 Lagos City Marathon

Published

on

Kenyan long distance runner, Edwin Kibet Koech, has won the 8th edition of the Access Bank Lagos City Marathon held in Nigeria on Saturday.

The 39-year-old Kibet finished the 42km race in two hours, 14 minutes and six seconds to beat Ethiopia’s Dekeba Shefa and fellow Kenyan, Bernard Sang, who finished second and third respectively.

For his feat, Kibet took home the grand prize of $50,000, while Shefa and Sang carted home $40,000 and $30,000 respectively.

In the female category, Alemenseh Guta of Ethiopia was the first woman to cross the finish line, with compatriot Kebene Urisa and Kenya’s Naomi Maiyo coming second and third respectively.

The annual event sponsored by one of Nigeria’s elite financial institutions, Access Bank, was recently upgraded by the world athletics body to a gold label, meaning that the winners of both the men and women’s races have also qualified for the marathon events at the 2024 Olympics scheduled for Paris, France.

Continue Reading

Sports

Nigerian tech billionaire, Dozy Mmobuosi, set to acquire Sheffield United in £90m deal

Published

on

A Nigerian tech billionaire, Dozy Mmobuosi, is reportedly on the verge of acquiring English football club, Sheffield United, in a deal said to be in the region of £90 million.

Sheffield United which is in the English championship, is likely to gain promotion back to the English Premier League as it is in the top three of the second tier of the league.

The Blades’ push for promotion back to the EPL this season suffered a glitch after they were hit by a transfer embargo last month amid financial difficulties but if the sale is successful, they would have enough funds to go into the transfer market.

The sale deal has been confirmed by the English Football League (EFL) in a post on its website, where it said the issue relates to the non-payment of a transfer fee that was owed.

The EFL said the embargo which prevents Sheffield from buying a player for the next 18 months unless they win promotion, was imposed because the Blades failed to keep up payment instalments on signings.

“This included payments to Liverpool for forward Rhian Brewster, who was signed in October 2020 for £23.5m.”

The Blades current owner, Prince Abdullah bin Musa’ad bin Abdulaziz Al Saud, has been struggling to maintain the funding needed to keep the club going and was understood to be open to selling the club.

And that has opened the door for the Nigerian billionaire whose company, Tingo Mobile, is valued at around £7 billion, to make a bid to buy the club.

Continue Reading

EDITOR’S PICK

Musings From Abroad16 hours ago

Russia’s African influence grows as envoy claims 1,890 ‘instructors’ in Central African Republic

The Russian ambassador to the Central African Republic, Alexander Bikantov has revealed that the country’s military presence in the insurgency-plagued...

Culture16 hours ago

Nigerian first class traditional ruler, Ooni of Ife, makes Hollywood debut

Nigerian first class traditional ruler, the Ooni of Ife, Oba Adeyeye Ogunwusi, has made an incursion into the movie world...

Metro18 hours ago

66-yr-old South African man sentenced to 18 years for forcefully marrying, raping 13-yr-old girl

A 66-year-old South African man, Bheki Nxasana, has been sentenced to 18 years in prison by a Gqeberha High Court...

Metro18 hours ago

Former Kenyan policeman, three others sentenced to death for murder of human rights lawyer

A former Kenyan police officer, Frederick Leliman, alongside three accomplices, were on Friday, sentenced to death by a Nairobi High...

Tech18 hours ago

Ghana’s agrotech startup, FLUID, launches platform to help small scale farmers access to credit

Ghana’s agrotech startup, FLUID, has successfully launched a new platform that will help small scale farmers access to loans, according...

Sports18 hours ago

Kenya’s Edwin Kibet wins 2023 Lagos City Marathon

Kenyan long distance runner, Edwin Kibet Koech, has won the 8th edition of the Access Bank Lagos City Marathon held...

Metro2 days ago

Egyptian Crocodile Museum celebrates 12th year anniversary

The Egyptian Crocodile Museum, the first ever museum in Africa devoted exclusively to crocodiles, has marked the 12th year anniversary...

Metro2 days ago

Ethiopia’s ancient Orthodox Church accuses PM Ahmed of interference over rebel bishops

A recent crisis that rocked Ethiopia’s ancient Orthodox Church where a group of “rebel bishops” broke away to form a...

Politics2 days ago

Tunisian union, UGTT chief, Noureddine Taboubi accuses President Saied of intimidation

As part of the fallouts of the recently conducted parliamentary elections in Tunisia, its trade union, UGTT accused President Kais...

Tech2 days ago

South African tech startup, Peachz, launches foremost online store for mobile accessories

South Africa’s tech startup, Peachz, has launched an online mobile accessories market place, six months after its formation. According to...

Trending