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. Last Updated: 07/27/2016

Abramovich Has 95% of Chelsea

Roman Abramovich has acquired sufficient stock in Chelsea Village, the company that owns the Chelsea soccer club, to squeeze out minority shareholders and make himself 100 percent owner of the team.

The tycoon has accumulated 95 percent of Chelsea Village, which under British corporate law allows him to force the remaining shareholders to sell their shares to him.

Abramovich took the soccer world by storm earlier this summer with the purchase of a 50.09 percent stake in Chelsea Village and the offer of 35 pence (56 cents) per share offer to remaining shareholders. To date, he has paid upward of $300 million for the club, its debts and new players.

Tuesday morning, Chelsea Ltd. -- the company created by Abramovich to make the purchase -- announced it had received acceptances for its offer for 90 percent of the outstanding shares.

Chelsea Ltd. said the offer would be valid until Sept. 26, when the compulsory mopping-up of the remaining shares would begin.