The Premier League board authorized Todd Boehly’s proposed ownership of Chelsea on Tuesday, bringing the deal closer to completion.
On May 7, a consortium led by Boehly, a co-owner of the Los Angeles Dodgers, agreed to buy the Premier League club from owner Roman Abramovich for a record 4.25 billion pounds ($5.3 billion).
On Tuesday, the Premier League released the following statement: “The Todd Boehly/Clearlake Consortium’s planned takeover of Chelsea Football Club was authorized by the Premier League Board today.
“The purchase is contingent on the (British) Government providing the appropriate sale licence and the transaction’s final steps being completed satisfactorily.”
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Officials want everything wrapped up by Tuesday so Chelsea can meet all of the registration deadlines for next season’s competitions, according to an unnamed government source who told the Press Association of the United Kingdom: “We now believe that everyone is prepared to issue the required licenses.
“The final technical aspects, which are being addressed with the club, are the last remaining hurdle.”
Abramovich, a Russian billionaire, put Chelsea on the market in early March, right before the British government sanctioned him for Russia’s invasion of Ukraine.
Due to government concerns about Abramovich profiting from the sale, the deal has taken a long time to complete.
The total value of the acquisition breaks the previous record for a sports team sale, which was $2.4 billion in 2020 for the New York Mets baseball team.
‘Extremely heated debates’
The 1.5 billion pound debt that Chelsea’s parent company, Fordstam Ltd, to Camberley International Investments, a Jersey-based corporation with alleged ties to Abramovich, raised concerns that the takeover might fail.
Abramovich, who has stated that he has not requested repayment of his loan, is alleged to have informed the government that his associate, Demetris Ioannides, had resigned from the trust that owns Camberley International.
The UK government describes Abramovich, who became a Portuguese citizen in 2021 and is also sanctioned by the European Union as a member of Russian President Vladimir Putin’s inner circle.
Ministers from the United Kingdom are now coordinating with their Portuguese counterparts and the European Union to ensure the deal is approved.
A spokesman for Prime Minister Boris Johnson indicated earlier on Tuesday that the government was working with Chelsea and undertaking “intensive conversations with the relevant international partners” to complete the purchase “as soon as possible.”
The Premier League went on to say: “All prospective directors have been subjected to the Premier League’s Owners’ and Directors’ Test (OADT), as well as the requisite due diligence.
“Clearlake Capital Group, L.P. affiliates Todd Boehly, Hansjorg Wyss, and Mark Walter are among the Consortium members purchasing the club.
“Chelsea FC will now engage with the relevant governments to gain the required licenses to complete the takeover,” says the statement.
Since Abramovich, who bought Chelsea in 2003, was sanctioned, the club has been compelled to operate under a special license from the UK government.
Chelsea was unable to offer new contracts to existing players or sign players from other teams according to the license terms.
The sale of the European champions marks an end to Abramovich’s 19-year run of near-unbroken success, which includes five Premier League crowns and two Champions League successes.
Chelsea finished third in the Premier League for the season that ended on Sunday, earning a spot in Europe’s Champions League, the continent’s premier club football competition.
In English football, the Blues also reached the League Cup and FA Cup finals, only to lose both matches to Liverpool in penalty shootouts.
