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Tags: chelsea | roman abramovich | russian oligarch | todd boehly | clearlake capital | los angeles dodgers | mlb

New Chelsea Owner Boehly Begins Crunching Numbers

New Chelsea Owner Boehly Begins Crunching Numbers
Roman Abramovich, former owner of Chelsea football club (Getty Images)

Monday, 20 June 2022 05:28 AM EDT

UEFA's Financial Fair Play rules are starting to get some teeth and clubs will no longer be able to sign players "at any price" due to the risks of sanctions, said Chelsea's new owner Todd Boehly.

An investment group led by Boehly and Clearlake Capital acquired Chelsea in May after former owner Roman Abramovich put the club up for sale following Russia's invasion of Ukraine.

Chelsea has been the most successful team in England in the period since Abramovich bought the club in 2003, thanks in large part to the Russian's investment.

"Financial Fair Play is starting to get some teeth and that will limit ability to acquire players at any price," Boehly said at the SuperReturn International conference in Berlin.

"UEFA takes it seriously and will continue to take it seriously. [More teeth] means financial penalties and disqualification from sporting competitions."

Boehly, who is part-owner of the Los Angeles Dodgers MLB team, said he was hoping to use an American model to develop football's financial potential and help Chelsea players build a better personal brand.

"We think the global footprint of this sport is really undeveloped," Boehly said. "There are four billion fans of European football. There are 170 million fans of NFL. Global club football is a fraction of the NFL media money.

"We are also going to be thinking about, how do we get more revenues for the players?

"If you look at (the NBA's) LeBron James, for example, he has a whole business and a whole team dedicated to what's not on the court.

"So I think there is opportunity to capture some of that American mentality into English sports and really develop them."

Boehly is co-owner of the Los Angeles Dodgers known for his free-wheeling spending strategy, and it is this approach that is credited with reviving the MLB team, New York Post reports.

When Boehly announced on May 30 that he and an investor consortium had purchased the team for $3.1 billion, it was expected that he would transfer his lavish investment approach from the Dodgers to Chelsea.

However, spending by Boehly and Abramovich is evidently a matter of degree, and Boehly appears to want to turn the team around to become an income generator.

The Russian oligarch is said to have lost 900,000 British pounds a day — a shocking $1.1 million each day — during the 19 years he owned the football club. All told, Abramovich spent $2.4 billion on Chelsea. But his profligate spending produced winning results, with Chelsea winning five Premier League titles and two Champions Leage trophies.

As the NYP puts it: "Evidence of a more flinty-eyed, numbers-driven approach" by Boehly is appearing. Last week he let Belgian soccer star Romelu Lukaku return to Italian soccer team Inter Milan. Chelsea signed Lukaku for $119.4 million, or 97.5 British pounds.

 

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
UEFA's Financial Fair Play rules are starting to get some teeth and clubs will no longer be able to sign players "at any price" due to the risks of sanctions, said Chelsea's new owner Todd Boehly.
chelsea, roman abramovich, russian oligarch, todd boehly, clearlake capital, los angeles dodgers, mlb
469
2022-28-20
Monday, 20 June 2022 05:28 AM
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