Boehly's Chelsea takeover bid approved by Premier League
Cameron Smith
- Updated: 25 May 2022 07:37 BST
- 3 min read
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The proposed takeover of Chelsea fronted by billionaire Todd Boehly has been handed a huge boost following news the bid has been approved by the Premier League board.
In an official statement released this evening, the Premier League confirmed its approval of the takeover and stated the club will now work with the UK government to ensure the takeover can be completed.
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The Premier League's statement said: "The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly/Clearlake Consortium.
"The purchase remains subject to the Government issuing the required sale licence and the satisfactory completion of the final stages of the transaction.
"The Board has applied the Premier League's Owners' and Directors' Test (OADT) to all prospective Directors, and undertaken the necessary due diligence.
"The members of the Consortium purchasing the club are affiliates of the Clearlake Capital Group, L.P., Todd Boehly, Hansjorg Wyss and Mark Walter.
"Chelsea FC will now work with the relevant Governments to secure the necessary licenced to complete the takeover."
Will Chelsea's sanctions be dropped?
Chelsea have been forced to operate under a special license since Roman Abramovich's UK assets were frozen by the UK government following Russia's invasion of Ukraine.
Chelsea have been unable to sign or sell players, renew contracts, sell tickets or merchandise, or anything that would reward Abramovich with financial gain.
As a result, the club have been put up for sale with several bidders in the race. Nice owner and British billionaire Sir Jim Ratcliffe was one such interested party, while Lewis Hamilton and Serena Williams were both involved in a bid to purchase the West London club.
However, the consortium headed up by Boehly was chosen by the club and has now been approved by the Premier League. The takeover is expected to be completed in the coming days.
Ben Jacobs has reported that the government's approval of the takeover is "very close and now seen as a formality." He's reported that Chelsea sources say there is "no danger" the sale won't go through in time.
Chelsea's special licence provided by the UK government is set to expire at the end of May, but the takeover is now expected to be completed before then.
When the takeover is officially completed, the sanctions on Chelsea will be dropped and the club will be able to be active in the transfer market again, among many other perks including merchandise sales.
