Todd Boehly’s Chelsea spending is set to continue but this time it will be in a very different manner to his extravagant transfer market activities. The new co-owner, backed by Clearlake Capital alongside Behdad Eghbali and Jose E. Feliciano, Mark Walter and Hansjörg Wyss , played an extremely active role in the summer window, spending more than £250m on Thomas Tuchel’s Chelsea squad only to then sack him less than one week later.
It is part of a massive investment made to buy Chelsea which cost over £4.25bn with transfer dealings and a commitment to restructuring the internal workings of the club already taking the spend by Boehly and co way above that number. They could now be awaiting a massive tax bill too, according to the Telegraph.
After a complex sale for Boehly/Clearlake to bypass in order to complete the takeover of Roman Abramovich’s Chelsea, the extent of unpaid liabilities could soon be revealed. According to the report:
“Club executives under the previous ownership had been forced to disclose significant unforeseen liabilities just days before the sale, initially worth a total of £2.5 billion.”
Due to Chelsea being sanctioned by the UK government at the time of the sale, with confusion as to how Abramovich would receive the funds – they were stored in an account by HMRC – and the speed in which the club needed to have a deal completed in order to stay afloat, as well as footballing tasks such as transfers, procedures were put in place to help complete the sale.
Three months on from the takeover and £2.3bn of the original sum is currently still in the UK government holding account, whilst Mike Penrose, the former UNICEF chief executive, is still awaiting money which was declared as being put towards a foundation for war victims in Ukraine.
It is reported that the only fees he has received so far have been ones to cover the legal cost of setting up the organisation. A Chelsea spokesman is also quoted as saying:
“It is not unusual in these types of transactions, particularly deals completed in an accelerated timeframe, to withhold an amount related to any unforeseen liabilities that may arise from transactions that occurred prior to the sale.”
Boehly, who is also committed to at least 10- years of investment at the club with extra focus on the youth and women’s set up, has already been a busy man and with plenty of footballing and structural decisions and appointments still to be made there is no sign of this letting up soon.