Todd Boehly’s takeover of Chelsea gets UK government approval
Chelsea’s takeover has been cleared by the UK government, which is satisfied “the sale will not benefit Roman Abramovich”.
Chelsea’s takeover has been cleared by the UK government, which is satisfied “the sale will not benefit Roman Abramovich”.
On Tuesday the Boehly-Clearlake consortium, which agreed terms to acquire Chelsea for 4.25 billion pounds ($5.33 billion) earlier this month, passed the Premier League Owners’ and Directors’ Test. The Blues agreed to terms for the sale of the club to an ownership group led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjorg Wyss.
That deal was passed by the Premier League on Tuesday, with only government approval subsequently needed.
The UK government sanctioned Chelsea owner Roman Abramovich due to his links to Russia president Vladimir Putin following the invasion of Ukraine.
But Nadine Dorries, the UK secretary of state for the department for digital, culture, media and sport, confirmed on Wednesday the sale had been approved late the previous evening.
“Last night the Government issued a licence that permits the sale of Chelsea FC,” she said in a statement on her Twitter page.
“Given the sanctions we placed on those linked to Putin and the bloody invasion of Ukraine, the long-term future of the club can only be secured under a new owner.
“We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals.
“I want to thank everyone, especially officials who’ve worked tirelessly to keep the club playing and enable this sale, protecting fans and the wider football community.”
The takeover promises investment of £1.75 billion into the club, while proceeds of the sale are expected to be donated to victims in Ukraine.