Chelsea: UK Government Finally Approves Todd Boehly Consortium takeover Deal
The government has approved the £4.25bn takeover of Chelsea by a consortium led by LA Dodgers co-owner Todd Boehly.
The London club was put up for sale in March before owner Roman Abramovich was sanctioned over his links to Russian president Vladimir Putin.
On Tuesday, the Premier League said the consortium had passed its owners’ and directors’ test.
Chelsea have been operating under a special government licence which expires on 31 May.
“Late last night the UK government reached a position where we could issue a licence that permits the sale of Chelsea,” a government spokesperson said in a statement on Wednesday.
Who are the key people behind consortium buying club?
The government does not want Abramovich to receive any of the proceeds from the sale, which will instead go into a frozen bank account to be donated to charity.
The statement added: “Following the sanctioning of Roman Abramovich, the government has worked hard to ensure Chelsea has been able to continue to play football. But we have always been clear that the long-term future of the club could only be secured under a new owner.
“Following extensive work, we are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual. We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war.
Chelsea’s Football Club 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
- 24 May: Premier League approves takeover
- 25 May: Government approves takeover
This article was first published on the BBC