Chelsea FC’s new owners raise £800 million in debt to rebuild team
The new owners of English football club, Chelsea FC have agreed to a staggering debt package worth £800million to help in reshaping the operations of the London club and to help fund the ambitious plans of the club.
The Todd Boehly-led consortium which also includes Clearlake Capital, Mark Walter and Hansjoerg Wyss took over the London club in May from Roman Abramovich in a deal worth £4.25billion, with £2.5billion satisfying the purchase price of the club while the remaining £1.75 billion allocated for further investment into the club.
US billionaire, Todd Boehly and investment firm, Clearlake Capital have inked a financing arrangement that will see the club taking a £500 million term loan including a revolving credit facility of £300 million, according to the melodygist sports
The £500 million term loan will form part of the £1.75 billion pledged by the Todd Borglum-led consortium for further investment for the benefit of the club which includes investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation, while the revolving credit faculty of £300million is for working capital purposes.
Bank of America and JP Morgan are among the financial institutions reported to be involved in the financial arrangement.
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