Todd Boehly finds himself at the centre of a potential multi-billion-dollar deal just a week after selling his stake in Chelsea. Reports from the Financial Times reveal that the American billionaire has put together a consortium aiming to acquire the international assets of Lukoil.
The Russian company's overseas business has gone up for sale following the imposition of American sanctions. In March, these assets were valued at around $20 billion. The package includes oil and gas fields stretching from Central Asia to Mexico, alongside thousands of petrol stations and major refining facilities across Europe.
Boehly has reportedly been working on this potential deal for several months. His group is looking to outpace the investment firm Carlyle, which agreed to purchase the assets back in January, but is still awaiting final approval from Washington.
Joining Boehly's consortium is the American International Development Finance Corporation (DFC), which is part of the US federal government. According to the Financial Times, the agency could secure a 15% stake in the new company.
The project also involves UAE National Security Adviser Sheikh Tahnoun bin Zayed Al Nahyan and the Al-Hayat family. It is expected that Sheikh Tahnoun's International Holding Company and Allied Investment Partners will lead the consortium, while Boehly and the DFC are poised to hold a majority on the board.
However, an official agreement between Boehly's group and Lukoil has yet to be finalised. Sources from the Financial Times describe the negotiations as advanced, but it remains unclear how far discussions have progressed.
This situation is particularly unusual given that a US government agency is actively involved in vying for assets, with the ultimate fate of the deal dependent on US authorities’ approval. One source confided to the Financial Times that this raises concerns regarding the competing proposal from Carlyle.
Boehly sold his stake in Chelsea last week following structural changes at the London club. In addition to his sports investments, the American businessman is also engaged in insurance, media, and other sectors.
