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Premier League Board approves takeover of Chelsea led by Todd Boehly | Soccer

Keynote speaker at Milken Conference 2021

Todd Boehly nears the completion of his Chelsea takeover (Image: Getty Images)

The Premier League board have confirmed their approval of Todd Boehly’s takeover of Chelsea football club.

A statement was issued on Tuesday night confirming the Boehly/Clearlake consortium has been approved and the £4.25 billion purchase now needs government approval to complete.

A statement said: “The Premier League Board today approved the proposed acquisition of Chelsea Football Club by the Todd Boehly/Clearlake Consortium.

‘The purchase is subject to the issuance of the required sales license by the government and the satisfactory completion of the final stages of the transaction.

‘The Board have applied the Premier League’s Owners’ and Directors’ Test (OADT) to all potential directors and carried out the necessary due diligence. The members of the consortium 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 acquisition.’

The BBC report that an agreement could be reached with the government as early as Tuesday evening, with “some final technical details being discussed”.

LA Dodgers co-owner Boehly has spearheaded the syndicate to buy the Blues from Roman Abramovich, while California private equity firm Clearlake Capital will own a majority stake, and other investors include billionaires Hansjorg Wyss and Mark Walter .

Chelsea have been operating under a special government license that expires on May 31 since sanctions were imposed on Abramovich.

The successful sale means they will be able to return to normal operations, buying and selling players throughout the summer transfer window.

MORE: Chelsea ready to hear offers for unpopular winger Hakim Ziyech

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https://metro.co.uk/2022/05/24/premier-league-board-approves-chelsea-takeover-led-by-todd-boehly-16703441/ Premier League Board approves takeover of Chelsea led by Todd Boehly | Soccer

Nate Jones

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