Latham Advises Consortium Led by Todd Boehly and Clearlake Capital on £4.25 Billion Acquisition of Chelsea FC
Latham & Watkins has acted as the lead legal counsel to the consortium led by Todd Boehly, chairman and CEO of Eldridge, and Clearlake Capital Group, L.P., on its acquisition of Chelsea Football Club. The consortium also includes Hansjörg Wyss, founder of the Wyss Foundation and Mark Walter, co-founder and CEO of Guggenheim Capital. Walter and Boehly are owners of the Los Angeles Dodgers, the Los Angeles Lakers, and the Los Angeles Sparks. The transaction has received all necessary approvals from the UK government, The Premier League, and other authorities.
Under the terms of the agreement, Boehly and Clearlake will share joint control and equal governance of the Club. Boehly will serve as Chairman. Boehly and Clearlake are committed to investing in key areas that will extend and enhance Chelsea’s competitiveness, including the redevelopment of Stamford Bridge, further investment in the Academy, the Women’s Team, and Kingsmeadow stadium. The owners will also continue the important work of the Chelsea Foundation.
As a result of the transaction, up to £2.5 billion will be donated to provide immediate relief and long-term support to victims of the conflict in Ukraine.
The Latham team was led by London corporate partners Ed Barnett and Sam Newhouse supported by associate Hector Sants, with Suneel Basson-Bhatoa, and Ryan Martin. Advice was also provided on entertainment, sports, and media (ESM) matters by London partner Patrick Mitchell, with associate Stewart Robinson; on US ESM matters by Century City partner Adam Sullins with associate Jamie Levine; on technology transactions matters by London partner Deborah Kirk, with associates Liz Longster and Martha Crnkovic; on fintech matters by London partner Stuart Davis, with associate Gabriel Lakeman; on employment matters by London counsel Shaun Thompson, with associate Charlie Bowden; on litigation matters by London partner Martin Davies, with associate Duncan Graves; on real estate matters by London partner Quentin Gwyer, with associate Danni Davies; on sanctions matters by London partners Charles Claypoole and Rob Price, with Georgie Blears; and on tax matters by London partner Helen Lethaby, with counsel James Leslie.