The government has approved the £4.25 billion ($5.31 billion) Todd Boehly-led consortium takeover of Chelsea.
After months of negotiations, the deal has finally been approved after the government received legal guarantees that Roman Abramovich—who has had his UK assets frozen—will not benefit from the sale.
US magnate Boehly will become Chelsea’s controlling owner once the takeover is complete, though California investment firm Clearlake Capital will assume the majority shareholding.
“Last night the government issued a license that permits the sale of Chelsea,” said culture secretary Nadine Dorries.
“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,” he added.
On Tuesday night, the Premier League approved the takeover, with its board applying “the Premier League’s Owners’ and Directors’ Test (OADT) to all prospective Directors” and undertaking “the necessary due diligence”.
Boehly, co-owner of the LA Dodgers baseball team, and fellow consortium member Hansjörg Wyss were at Stamford Bridge for Sunday’s final 2-1 win over Watford.
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