Former Chelsea co-owner Todd Boehly may acquire Lukoil's international assets, which have been frozen by the U.S.

American billionaire Todd Boehli has formed a consortium that is bidding to acquire the international assets of the Russian oil company Lukoil. The group is trying to compete with the American investment fund Carlyle Group, which agreed to purchase these assets back in January 2026. 

A key feature of Boeli’s proposal is the participation of the U.S. government-backed Development Finance Corporation (DFC), as well as investors from the Gulf states.

However, no final agreement has yet been reached between Boeli’s consortium and Lukoil. The proposal is at an advanced stage, but negotiations are ongoing.

According to the Financial Times, the consortium includes the DFC, which invests in overseas projects on behalf of the U.S. government.

Other potential partners include the Al-Hayat family of Qatari billionaires and an entity linked to Sheikh Tahnoun bin Zayed Al Nahyan, the brother of the president of the United Arab Emirates.

The consortium is to be led by Sheikh Tahnoun’s International Holding Company and the Emirati firm Allied Investment Partners. Under the preliminary terms of the deal, Boeli and the DFC could secure a majority of seats on the new company’s board of directors, while the Al-Hayat family could receive a smaller stake.

The Al-Hayat family’s involvement is drawing additional attention due to its business ties. According to the FT, family representatives have collaborated with the White House and members of Donald Trump’s family, notably on a real estate development project in Albania in which Ivanka Trump and Jared Kushner are involved.

The family is also linked to a project to rebuild Syria’s pipeline network, in which Tom Barrack, the U.S. special envoy to Syria and a longtime associate of Donald Trump, is involved.

In January 2026, Lukoil reached an agreement with Carlyle to sell LUKOIL International GmbH, which owns the Russian company’s international assets. Lukoil itself confirmed the deal on January 29. At the same time, the company emphasized that the sale requires the necessary regulatory approvals from the U.S.

The deal with Carlyle has not yet been finalized. According to the Financial Times, authorization from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) to conduct negotiations was obtained, but the final sale process requires separate approval.

On September 18, 2026, OFAC extended the relevant license until October 22, 2026. It allows for negotiations and the conclusion of preliminary agreements but does not grant automatic authorization to complete the sale of assets.

Lukoil’s international business is valued at approximately $20 billion. The assets include oil and gas fields, thousands of gas stations, and significant oil refining capacity in Europe.

According to the Financial Times, the package includes more than 3 billion barrels of proven and probable oil and gas reserves, as well as large oil refineries in Bulgaria and Romania.

Lukoil’s international business also includes assets in other countries and stakes in the oil refining and retail sectors.

Previously, the Russian company had valued this business at approximately $20 billion and written off the corresponding amount in its financial statements.

Todd Boehly is also known as an American investor and former co-owner of the English soccer club Chelsea.

In May 2022, a consortium including Boehli acquired the club from Russian businessman Roman Abramovich following sanctions against him. The deal was valued at approximately £4.25 billion.

In September 2026, Boehli and Mark Walter agreed to sell their combined 25% stake in Chelsea to Clearlake Capital for approximately £950 million. Once the deal is finalized, Clearlake will gain full control of the club, and Boehli will step down as chairman of the board of directors.

This was reported by the Financial Times.

Prior to this, the U.S. extended until September 19 the deadline for negotiating and concluding deals regarding the sale of assets belonging to Russia’s Lukoil. At the same time, companies will need to obtain additional authorization from U.S. authorities for such transactions.

Some of Russian company Lukoil’s overseas refineries have reduced production or halted operations entirely due to delays in the deal to sell its international assets. This was reported by the Financial Times, citing informed sources.