Report: Boehly in exclusive talks for Chelsea

The consortium led by Los Angeles Dodgers part-owner Todd Boehly is in exclusive negotiations to buy Premier League club Chelsea for $3 billion (£2.4bn), a source familiar with the matter told Reuters on Friday.

Boehly’s consortium was one of a number of bidders that had approached New York bank Raine with bids to purchase the team, which was put up for sale by owner Roman Abramovich following Russia’s invasion of Ukraine and before sanctions were imposed on the oligarch by the British government.

British billionaire Jim Ratcliffe had launched a late bid to buy the club for £4.25bn ($5.3B) on Friday as the three offers featuring American investors were already being assessed.

Abramovich has been seeking £3bn for the club after deciding to sell following his sanctioning by the U.K. government for alleged ties to Russian President Vladimir Putin amid the ongoing war in Ukraine, but the bidders were believed to have reached only about £2.5bn.

Earlier this week, Abramovich asked for an extra £500m to go to a charity set up to help the Ukraine war victims — under government terms, Abramovich cannot receive any proceeds from the sale himself. This caused a delay that led Nadine Dorries, secretary of state for the Department of Culture, Media and Sport, to declare Chelsea were “on borrowed time” to complete a sale given their special licence to operate while under Abramovich’s ownership expires May 31.

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