Todd Boehly set to officially finalize Chelsea takeover

The sale of Chelsea is about to be completed, with the Government set to issue the new license to sign Todd Boehly’s £4.25bn takeover.

Heads of government had hoped to conclude the Stamford Bridge the club took over on Tuesday evening, but the takeover of the American tycoon should still have time to materialize in the coming days.

the premier league confirmed that Boehly and its consortium partners have passed the organization’s owners’ and directors’ tests and that only leaves government ratification as the final takeover step.

Roman Abramovich, pictured, will sell Chelsea after 19 years in charge of the west London club (Adam Davy/PA)

(PA wire)

“We now believe that everyone will be ready to issue the necessary licenses,” said a government source.

“The last remaining hurdle comes down to a number of final technical details which are being discussed with the club.”

Los Angeles Dodgers co-owner Todd Boehly has already agreed to the record sports franchise purchase of the Blues, with Abramovich’s ownership tenure set to end after 19 years.

Boehly will become Chelsea’s majority owner once the takeover is complete, although California-based investment firm Clearlake Capital will assume majority ownership.

The completion of the takeover will end a 12-week saga that was sparked by Abramovich officially putting the Blues up for sale on March 2.

We now believe that everyone will be ready to issue the necessary licenses

UK government source

Chelsea players and staff have discovered the club has been sold at Kenilworth Road, amid final preparations for their FA Cup fifth round clash at Luton Town.

The Blues won 3-2 despite the obvious distractions as Abramovich issued a statement pledging to cancel the club’s debt and set up a foundation to help victims of war in Ukraine.

Abramovich was then disciplined by the British government March 10, Downing Street claiming to have proven its links with Vladimir Putin.

Chelsea were placed under a strict government operating licence, with all of Abramovich’s other UK assets frozen.

Once the Boehly takeover is complete, the Blues will be able to return to business as usual – and there will be no time to waste reconfiguring the squad of players.

The Premier League approved the takeover of Boehly on Tuesday evening, in a statement which read: “The Premier League Board today approved the proposed takeover of Chelsea Football Club by the Todd Boehly/Clearlake Consortium.

“The purchase remains subject to the government’s issuance of the required sales license and satisfactory completion of the final stages of the transaction.”

Prime Minister Boris Johnson’s spokesman confirmed earlier that the government had launched talks with “international partners” to help push the sale of Chelsea across the line.

Russian-Israeli billionaire Abramovich has been hoping for some time that he was able to meet the government’s expectations of how to handle his £1.5bn loan to Chelsea.

The 55-year-old is believed to be confident those demands have been met, which would finally clear the way for Downing Street to complete the sale.

The sale of Chelsea is getting closer (Stefan Rousseau/PA)

(PA wire)

The Premier League statement added: “The Board of Directors has applied the Premier League Owners and Directors Test (OADT) to all potential directors and has undertaken the necessary due diligence.

“The Consortium members 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 takeover.”

Todd Boehly set to officially finalize Chelsea takeover

Source link Todd Boehly set to officially finalize Chelsea takeover

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