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Premier League board approves proposed takeover of Chelsea by Todd Boehly/Clearlake consortium, but £4.25bn deal still subject to UK government approval


Todd Boehly’s bid for Chelsea Football Club has taken a big step forward as the Premier League approved his takeover bid on Tuesday.

However, the American’s purchase of Roman Abramovich’s club is subject to the approval of the British government.

Getty

It finally looks like Boehly (right) will be handed the keys to Stamford Bridge

A statement read: “The Premier League board today approved the proposed takeover of Chelsea Football Club by the Todd Boehly/Clearlake consortium.

“The purchase remains subject to government issuance of the required sales license and satisfactory completion of the final stages of the transaction.

“The board has applied the Premier League’s Owners and Directors Test (OADT) to all potential directors and has undertaken the necessary due diligence.

“The Consortium members buying the club are affiliates of Clearlake Capital Group, LP, Todd Boehly, Hansjorg Wyss and Mark Walter.

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

Prime Minister Boris Johnson’s spokesman confirmed earlier that the government had launched talks with “international partners” to help push the sale of Chelsea across the line.

Premier League board approves proposed takeover of Chelsea by Todd Boehly/Clearlake consortium, but £4.25bn deal still subject to UK government approval

AFP

Abramovich has owned the club since 2003

Russian-Israeli billionaire Abramovich has been hoping for some time that he was able to meet the government’s expectations of how to handle his £1.5bn loan to Chelsea.

The 55-year-old is believed to be confident those demands have been met, which would finally clear the way for Downing Street to complete the sale.

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