The acquisition of Chelsea by Todd Boehly will come to an end as he buys the club from Roman Abramovich after approval by the UK government followed the green light from the Premier League.
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The government approves the acquisition of Chelsea from Boehly
The acquisition of Chelsea by Todd Boehly will come to an end after the UK government finally approves his purchase of the club from Roman Abramovich.
The Premier League gave the green light to the deal on Tuesday evening and the government has now done so. The consortium of US businessman Boehly – which has the support of Clearlake Capital Group, Hansjorg Wyss, Mark Walter and others – is expected to complete its takeover before the end of the month.
A government spokesman said: “Last night, the UK government reached a position where we could issue a license to sell Chelsea Football Club. Following the sanction of Roman Abramovich, the government has worked hard to ensure that Chelsea Football Club has been able to continue playing football.
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“But we have always been clear that the long-term future of the club could only be secured with a new owner. After extensive work, we are now satisfied that the full profits from the sale will not benefit Roman Abramovich or any other sanctioned person. .
“We will now begin the process of ensuring that proceeds from the sale are used for humanitarian causes in Ukraine, supporting the victims of the war.
“Today’s steps will ensure the future of this important cultural asset and protect the football fans and the community at large. We have been in talks with relevant international partners to obtain the necessary licenses and thank them for their full cooperation.”
The acquisition of Chelsea by Todd Boehly is expected to be completed in a few days (
Image:
AFP via Getty Images)
Chelsea were put up for sale by owner Abramovich in March, just days before he was sanctioned by the UK government for alleged links to Vladimir Putin, which he denies. President Putin’s Russia invaded neighboring Ukraine in February, and since then there has been a disastrous war in Eastern Europe.
Due to the nature of the sanctions, Chelsea have been operating under a special license designed to severely limit their revenue streams and prevent Abramovich from benefiting from his assets. This license expires later this month and the club’s future will be in serious doubt if Boehly’s acquisition is not finalized.
Boehly was announced as the preferred bidder in early May after a lengthy process involving several parties. The acquisition is worth more than £ 4bn and Boehly’s team has pledged to invest £ 1.75bn in the club’s infrastructure.
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“The Premier League Board has today approved the proposed acquisition of Chelsea Football Club by the Todd Boehly / Clearlake Consortium,” the Premier League statement confirmed on Tuesday evening. “The purchase is subject to the government issuing the required sales license and the successful completion of the final stages of the transaction.
“The Board has applied the Premier League Ownership and Directors Test (OADT) to all future directors and has taken due diligence. The members of the consortium acquiring the club are members of Clearlake Capital Group, Todd Boehly. , Hansjorg Wyss and Mark Walter.
“Chelsea FC will now work with the relevant governments to secure the necessary licenses to complete the acquisition.”
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