Chelsea Premier League Approves Todd Boehly’s Takeover Of Chelsea

The Premier League approved Todd Boehly’s takeover proposal for Chelsea Football Club on Tuesday, marking a significant step forward in his ambition.

The American’s purchase of the club from Roman Abramovich is, however, dependent to UK government clearance.

Those involved in the Whitehall sale want to sign it by the end of the game on Tuesday to ensure the club meets all registration deadlines for next season’s competitions.

Read Also:Chelsea Confirms Takeover By New Ownership Led By Todd Boehly

Boehly and his consortium partners have passed the Premier League’s owners and directors exams, leaving only government ratification as the final step in the takeover process.

“We now believe everyone will be ready to issue the necessary licences,” said a government source.

“The last remaining hurdle boils down to a number of final technical details that are being discussed with the club. It’s going to go down to the wire.”

Boehly, a co-owner of the Los Angeles Dodgers, has already agreed to buy the Blues for a record sports franchise price, with Abramovich’s ownership reign coming to an end after 19 years.

Once the takeover is finalised, Boehly will become Chelsea’s dominant owner, with California investment firm Clearlake Capital taking over the majority shareholding.

The takeover will bring an end to a 12-week odyssey that began on March 2 when Abramovich formally put the Blues on the market.

Chelsea’s players and staff learned of the club’s sale at Kenilworth Road, only days before their FA Cup fifth-round match against Luton Town.

Despite the obvious distractions, the Blues won 3-2, and Abramovich issued a statement promising to write off the club’s debt and establish a foundation to benefit victims of Ukraine’s war.

On March 10, Abramovich was sanctioned by the UK government, which claimed to have demonstrated his ties to Vladimir Putin.

Chelsea’s operations were restricted by the government, and Abramovich’s other UK assets were blocked.

The Blues will be able to resume normal operations once Boehly’s takeover is complete, and there will be no time to waste in reorganising the playing squad.

On Tuesday evening, the Premier League authorised Boehly’s takeover in a statement that read:

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 government had begun talks with “foreign partners” to assist push the Chelsea sale through, according to Prime Minister Boris Johnson’s spokesperson.

Abramovich, a Russian-Israeli billionaire, has hoped for long time to be able to meet government expectations over his £1.5 billion loan to Chelsea.

The 55-year-old is said to be convinced that those criteria have been met, paving the route for the sale to be approved by Downing Street.

The board has applied the Premier League’s Owners’ and Directors’ Test (OADT) to all prospective Directors, and performed the essential due diligence,” the Premier League statement continued.

“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 licences to complete the takeover.”

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