The Premier League giants were in serious financial jeopardy due to sanctions placed on Roman Abramovich.
Per Joe Ravitch, who played a part in the sale, relevant details of the club's finances before Todd Boehly and Clearlake Capital's takeover.
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He told The Times: If we hadn't got the deal done by the time we did, Chelsea would have probably gone into liquidation.
There would have been catastrophic consequences. We forcibly boiled the bidders into four separate consortia.
We put the four groups together and we crafted what we hoped would be the best deal, which would maximize the value to the charitable foundation that was being set up (for victims of the war in Ukraine) and maximize investment in the club.
"All four groups, we felt, would be good owners."