Sports

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

Published

1 year ago

May 7, 2022

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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Sports

Nigerian couple makes history with Paralympic qualifications

Published

4 hours ago

September 23, 2023

Akanimoh Etim

Nigerian para-table tennis players, Kayode Alabi and Ifechukwude Ikpeoyi, have made history by becoming the first African couple to qualify for the Paralympic Games in Paris in 2024, after securing their maiden ticket at the ITTF African Para Championships in Giza, Egypt.

Alabi came out tops in the men’s Class Six category to qualify for his first Paralympic Games, while his wife also picked her maiden ticket in the women’s Class Five.

At the qualifying tournament, Nigerian players dominated in the men’s singles category and claimed the bulk of the tickets, with four of the six entrees making their Paralympic Games debut.

Nigeria also added extra tickets in women’s Classes Nine and Five in successive sessions, with Kehinde Lawal and Ikpeoyi topping their events as champions.

Other athletes who picked tickets for the Paralympic Games include Olufemi Alabi and Victor Farinloye, who both competed in the men’s Classes 10 and Eight at the last games in Tokyo.

Others are Isau Ogunkunle, Bolawa Akingbemisilu, Kayode Alabi and Abiola Adesope who all won their respective classes and will be on the plane to Paris.

Sports

Sorry Namibia pounded 96-0 by France in Rugby World Cup

Published

1 day ago

September 22, 2023

Akanimoh Etim

Namibia’s participation at the ongoing Rugby World Cup in France took a big dent when they were trounced 96-0 by the host who reached the quarter-finals of the competition with their biggest-ever win.

The one-sided Pool A encounter on Thursday evening at the Marseille’s Stade Velodrome saw France running up the huge score against the Africans, showing the gulf in class between the two teams.

In the match, Damian Penaud scored a hat-trick, while Jonathan Danty, Charles Ollivon and Louis Bielle-Biarry all scored twice to make mince meat of their opponents.

Thibaud Flament, Dupont and substitutes Baptiste Couillard and Melvyn Jaminet also scored, while Thomas Ramos kicked 12 conversions.

The host nation made 12 changes from their 27-12 victory over Uruguay, bringing back their big names and from the first whistle, dominated and outclassed a sorry Namibian side.

But it was not all good news for France as skipper Antoine Dupont was forced off the field with a head injury and will be sweating on his fitness ahead of the quarter-finals match.

Dupont was struck by Namibia captain Johan Deysel in the side of his head a few minutes into the second half and immediately left the field, being taken to hospital for a suspected fractured cheek.