Roman Abramovich’s multimillion-dollar attempt to sell Chelsea has finally given the green light, with the attractive deal making history.
Todd Boehly’s proposal to acquire Chelsea was one step closer to completion on Wednesday (AEST) when the Premier League board announced that it had approved its purchase of the London club in a deal that could yet be finalized. later in the day.
A consortium led by Boehly, co-owner of the Los Angeles Baseball Dodgers, had already agreed to a record $ 7.5 billion deal to buy the Premier League club from owner Roman Abramovich on May 7th.
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And a Premier League statement said: “The Premier League Board has today approved the proposed acquisition of Chelsea Football Club by the Todd Boehly / Clearlake Consortium.
“The purchase is still subject to the (British) government issuing the required sales license and the successful completion of the final stages of the transaction.”
Officials would like everything to end on Wednesday so that Chelsea can meet all registration deadlines for next season’s competitions, with an unnamed source from the UK government telling the British Press Association: “We believe that everyone will be ready to issue the necessary licenses.
“The last remaining obstacle is reduced to a series of final technical details that are being discussed with the club. It’s going to go down to the cable. ”
Russian billionaire Abramovich put Chelsea on the market in early March, just before he was sanctioned by the British government following the Russian invasion of Ukraine.
Completing the purchase has been a lengthy process due to government concerns about the possibility of Abramovich benefiting from the sale.
The total value of the deal beats the previous record for the sale of sports equipment: $ 3.4 billion for the New York Mets baseball franchise in 2020.
There had been fears that the acquisition would collapse due to the $ 2.8 billion debt of Chelsea’s parent company, Fordstam Ltd, to Camberley International Investments, a Jersey-based company suspected of links to Abramovich.
Abramovich, who has said he has not applied for repayment of his loan, is understood to have confirmed to the government that his partner, Demetris Ioannides, has resigned from the trust that owns Camberley International.
Earlier, a spokesman for British Prime Minister Boris Johnson confirmed that the government was working with Chelsea and also had “intense discussions with relevant international partners” to reach an agreement.
“We want this process to be done as soon as possible, while ensuring the protection of the sanctions regime, but we will say more about it as soon as possible,” he said.
The Premier League statement added: “The board has applied the Premier League Ownership and Directors Test (OADT) to all future directors and has taken the necessary due diligence.
“The members of the Consortium who acquire the club are affiliates of Clearlake Capital Group, LP, Todd Boehly, Hansjorg Wyss and Mark Walter.
“Chelsea FC will now work with the relevant governments to obtain the necessary licenses to complete the acquisition.”
Chelsea have been forced to operate under a special license from the UK government since Abramovich, who bought the club in 2003, was sanctioned.
Under the terms of the license, Chelsea could not offer new contracts to existing players or sign players from other clubs.
The sale of the European champions lowers the curtain of 19 years of almost uninterrupted success under the hand of 55-year-old Abramovich, who has won five Premier League titles and two Champions League victories.
Chelsea finished third in the 2021/22 Premier League season on Monday and won a place in the European Champions League, the continent’s leading club football competition.
The Blues also reached the League Cup and FA Cup finals of English football, only to lose both games against Liverpool on penalties.