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Chelsea's billionaire owner has been accused of fraud following another takeover.
Todd Boehly has found himself embroiled in controversy but not concerning his business with Chelsea Football Club.
The 51-year-old is being sued for alleged fraud in his acquisition of the Golden Globes.
According to The Telegraph, the claims made against Chelsea’s billionaire owner was spearheaded by an anonymous group of former Hollywood Foreign Press Association (HFPA) members.
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The group have urged California’s attorney general to investigate the alleged conflict of interest and questionable dealings that secured Boehly’s control over the esteemed awards platform in 2023.
The reported lawsuit centres on accusations that Mr Boehly acted simultaneously as both “purchaser” and “seller” in the transaction, raising concerns about self-dealing.
Boehly’s investment firm, Eldridge Industries, acquired the assets of the Golden Globes alongside Dick Clark Productions, a company owned by media tycoon Jay Penske.
Allegedly, Penske was brought into the deal without proper approval from HFPA members, a move critics argue was designed to mask conflicts of interest.
At the time, an alternate bid from investor Ron Burkle offered significantly more lucrative terms, including annual payments of $125,000 to HFPA members—far surpassing Boehly’s proposal.
Yet, despite the controversy, supporters of the billionaire have pushed back on the allegations, insisting that all legal requirements were fulfilled.
Todd Boehly’s questionable dealings and fraud concerns
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The legal complaint underscores Boehly’s dual role in the takeover process, as both the interim head of the HFPA and the primary investor.
The lawsuit argues this breached fiduciary duties and compromised the integrity of the transaction.
Furthermore, the plaintiffs claim that the group’s conversion from a non-profit entity into a for-profit enterprise was pursued without transparent alignment with its charitable objectives.
According to the report, the California attorney general’s office, tasked with granting the necessary waivers to approve such conversions, has yet to deliver final approval, confirming that the request remains under review.
If the claims hold merit, Boehly and Penske could face significant legal repercussions for allegedly prioritising profit over ethical governance.
The legal battle comes amid fresh scrutiny for Todd Boehly amid his recent failed bid to take over The Telegraph with RedBird IMI.
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