Chelsea: Premier League approves takeover deal from Todd Boehly consortium

Chelsea: Premier League approves takeover deal from Todd Boehly consortium
Todd Boehly
Boehly was attended Chelsea’s recent Premier League games

The Premier League has approved the £4.25bn takeover of Chelsea by a consortium led by LA Dodgers co-owner Todd Boehly.

The league says the consortium has passed its owner’s and directors’ test.

The Premier League club was put up for sale before owner Roman Abramovich was sanctioned over his links to Russian president Vladimir Putin.

The purchase remains subject to the Government issuing the required sale licence.

The final stages of the transaction will then need to be completed.

The government does not want Abramovich to make any proceeds from the sale but sources are optimistic about a deal being finalised on Tuesday night.

“We now believe everyone will be ready to issue the necessary licences” said one insider.

“The last remaining hurdle boils down to a number of final technical details that are being discussed with the club.”

Earlier this month the deal had seemed close to collapse over concerns proceeds would not reach good causes as promised by Abramovich.

Abramovich denied that he had asked for his £1.5bn loan to Chelsea be repaid when the club was sold.

Several parties expressed an interest but Chelsea agreed to sell to the Boehly-led consortium earlier in May.

The consortium is led by Boehly but Clearlake Capital, a Californian private equity firm, would own a majority of the shares in Chelsea. Other investors include US billionaire Mark Walter, also a co-owner of the LA Dodgers, and Swiss billionaire Hansjoerg Wyss.

Chelsea have been allowed to continue operating under a special government licence which expires on 31 May.

Chelsea’s sale – the key moments

24 February: Russia invades Ukraine

26 February: Roman Abramovich gives “stewardship and care” of club to charitable foundation

2 March: The Chelsea owner says he plans to sell the club

10 March: The UK government sanctions Abramovich

5 May: Abramovich denies he has requested a £1.5bn loan he made to Chelsea is repaid

7 May: Todd Boehly agrees a £4.25bn deal for the club

16 May: Government insider says the deal is close to collapse

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