Chelsea FC: UK government and EPL approve sale to Todd Boehly

The sale of Chelsea, which previously belonged to Russian oligarch Roman Abramovich, was also approved by the English Premier League.

Abramovich put the club up for sale in early March after the Russian invasion of Ukraine, saying at the time that it was “in the club’s interest”.

“Last night the government issued a permit authorizing the sale of Chelsea FC,” said UK Culture Minister Nadine Dorries. wrote on Twitter on Wednesday.

“Given the sanctions we have imposed on those linked to Putin and the bloody invasion of Ukraine, the long-term future of the club can only be secured with a new owner.

“We are pleased that the proceeds from the sale will not benefit Roman Abramovich or other sanctioned individuals,” he added.

Boehly is now set to add Chelsea to the portfolio of sports franchises in which he has invested, including shares in the Los Angeles Dodgers of the MLB, the Los Angeles Lakers of the NBA and the Los Angeles Sparks of the WNBA.

The sale will end almost two decades of Abramovich θη’s tenure at the helm of the London club.

The Russian businessman had ties to the Kremlin and Russian President Vladimir Putin and was sanctioned earlier this year after the start of the Russian invasion of Ukraine on February 24.

A British government spokesman said the proceeds from the sale would be used for “humanitarian purposes in Ukraine, in support of the victims of the war”.

“The steps today will secure the future of this important cultural asset and protect the fans and the wider football community,” the spokesman added.

“We are in discussions with relevant international partners about the necessary permits required and we thank them for all their cooperation.”

English Premier League approval

Earlier on Tuesday, the English Premier League announced that its board of directors approved the sale of Chelsea FC.

“The Premier League board today approved the proposed acquisition of the Chelsea Football Club by the Todd Boehly / Clearlake Consortium,” the league said in a statement.

“Chelsea FC will now work with the relevant governments to secure the necessary licenses to complete the acquisition.”

As Abramovich’s assets were frozen as a result of government sanctions, the club operates under limited finances and under a license issued by the UK government.

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The announcement of the Premier League noted that Boehly had passed the “Premier League Owners and Managers Test (OADT)” of the board.

The club said that out of the total investment, 2 2.5 billion ($ 3.08 billion) will be used to buy the club’s shares and that the money will be deposited in a frozen UK bank account “with the intention of to donate 100% to charitable causes as confirmed by Roman Abramovich “.

The approval of the UK government will be required to transfer the proceeds from the UK’s frozen bank account, the club added.

He said the proposed new owners would also “commit 1, 1.75 billion ($ 2.16 billion) in further investments for the benefit of the club”. This will include investments in the Stamford Bridge club stadium, its academy, women’s team and funding for the Chelsea charity.

The announcement of the Boehly deal came just three weeks before the club’s current license expires on May 31st.

Andrew Raine contributed to the report.

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