May 24, (THEWILL) – Chelsea Football Club’s £4.25 billion takeover by a consortium led by American billionaire Todd Boehly has been approved by the English Premier League.
The transaction is still pending clearance from the Government of the United Kingdom, which must give a Licence of Sale before the buyout can be completed. But all of the Blues’ potential board members have passed the English Premier League’s Owners’ and Directors’ Test.
Boehly’s takeover is anticipated to be completed by the end of the week, only seven days before Chelsea’s special operating licence expires.
A statement from the EPL 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 Board has applied the Premier League’s Owners’ and Directors’ Test (OADT) to all prospective Directors, and undertaken the necessary due diligence.
“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.
“Since Roman Abramovich was sanctioned by the UK government for his close ties to Russian President Vladimir Putin, Chelsea has virtually been operating under a transfer embargo.”
Over the last few months, the club has faced constraints on ticket sales and travel costs, and a number of players have decided to leave at the end of their contracts, including Antonio Rudiger.
About the Author
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
