The Premier League board has approved the proposed takeover of Chelsea by the Todd Boehly/Clearlake Consortium.
A statement from the Premier League on Tuesday confirmed their approval of the takeover with the consortium passing its Owners’ and Directors’ Test.
The takeover has not been completed, however, as the purchase remains subject to the government issuing the required sale licence.
The statement from the Premier League on Tuesday evening 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.”
Having been chosen as the preferred bidder last month, Chelsea confirmed Boehly’s group had reached an agreement to buy the club from Roman Abramovich for £4.25 billion on May 6.
Chelsea previously stated the Boehly group will pay £2.5 billion for shares in the club, with proceeds going to a frozen bank account to be donated to charity.
Former owner Abramovich is unable to receive money from the sale, due to sanctions imposed on him by the UK government following Russia’s invasion of Ukraine.
Abramovich, who bought Chelsea in 2003, was described by the government as a “pro-Kremlin oligarch”.
LA Dodgers co-owner Boehly, who has largely fronted the successful bid, has attended several Chelsea games since entering into the initial agreement earlier this month.
Though Boehly has been the public face of the group, which includes Conservative peer Daniel Finkelstein, Swiss billionaire Hansjorg Wyss and British property developer Jonathan Goldstein, the Californian private equity firm Clearlake Capital will own the majority of the shares in Chelsea.
Boehly’s group was selected as the preferred bidder by Raine Group, the bank charged with facilitating the sale of Chelsea following Abramovich’s decision to sell in March, ahead of other consortiums led by Sir Martin Broughton, Boston Celtics co-owner Stephen Pagliuca and the Ricketts family, who own the Chicago Cubs.
British billionaire Sir Jim Ratcliffe also tabled a last-minute offer, having not been shortlisted by Raine, but was ultimately unsuccessful.
Chelsea finished the Premier League season in third place, qualifying for next season’s Champions League. They were beaten by Liverpool in the finals of the FA Cup and Carabao Cup.
(Photo: Getty Images)
