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Breaking: UK Government approve Chelsea takeover by Todd Boehly-led consortium

Todd Boehly era begins at Stamford Bridge
Todd Boehly era begins at Stamford Bridge
Sripad

The UK government has issued license to a consortium fronted by Los Angeles Dodgers part-owner Todd Boehly to take over Chelsea. The Blues were put up for sale by Roman Abramovich earlier this year, just before he was sanctioned.

The current FIFA Club World Cup Champions are being sold for ยฃ2.5 billion, the highest-ever for a sports team, as per AP News. The consortium have pledged another ยฃ1.75 billion as an investment in the club over the next ten years.

BREAKING: According to PA News, the UK Government have issued a license that permits the sale of Chelsea to the Todd Boehly consortium ๐Ÿ‘‡ https://t.co/UiYNX56GDh

The sale brings an end to Abramovich's 19-year stint as the Chelsea owner. During his spell, the club won every trophy it competed for, with the Club World Cup being secured just days before he put the club for sale.

Earlier in May, the Blues officially confirmed an agreement with the consortium led by Todd Boehly, Clearlake Capital, Mark Walter, and Hansjoerg Wyss to acquire the club.

The sale process started in March, with over 200 parties interested in buying the club. Raine Group were in charge of the process and narrowed things down for the club.

Government issue statement on Chelsea sale

A spokesperson for the Government issued a statement (via The Times) that read:

"Following the sanctioning of Roman Abramovich, the Government has worked hard to ensure Chelsea Football club 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 not begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting the victims of war."
Government has approved sale of Chelsea https://t.co/loL6JvSjBH

Yesterday, the Premier League confirmed their approval of the consortium after they passed the Owners' and Directors' Test.


Edited by Sankalp Srivastava

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