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Thursday, December 1, 2022

Sports clubs no longer a family affair, strictly business only

Time was when sports teams and franchises were largely family enterprises but now it is consortiums like the one headed by Todd Boehly which bought Chelsea who are dominant despite a downturn in the global economy

NEW YORK – Time was when sports teams and franchises were largely family enterprises, but now it is investment funds and consortiums buying them despite a downturn in the global economy.

In May, Todd Boehly became the latest American billionaire to buy a Premier League club when he headed up a consortium to seal a pound sterling4.25 billion ($5.3 billion) purchase of Chelsea.

California investment group Clearlake will be Chelsea’s majority shareholder as part of the consortium, with Boehly becoming controlling owner…

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