clock menu more-arrow no yes

The government has approved the sale of Chelsea, with the Todd Boehly consortium ready to purchase the club from Roman Abramovich

The Todd Boehly/Clearlake partnership is now ready to buy Chelsea from Roman Abramovich after the UK Government officially approved the sale.

The £4.25 billion acquisition attempt was put on hold earlier this month when the government expressed fear that Abramovich might break his promise to discharge a £1.6 billion loan.

Abramovich, who paid £140 million for Chelsea in 2003, is barred from receiving any proceeds from the club’s sale after the government-sanctioned him in March.

The Russian oligarch stated that all net revenues, which were thought to be the proceeds of the sale minus legal fees, would be utilized “for the benefit of all victims of the war in Ukraine.”

Abramovich has now officially agreed for his £1.6 billion loans to Chelsea to be deposited in a government-controlled frozen account.

‘Late last night, the UK Government reached a position where we could issue a license for the sale of Chelsea Football Club,’ stated a government official.

Roman Abramovich has been Chelsea's owner since he purchased the club for £140m in 2003

‘Following Roman Abramovich’s sanctioning, the government worked hard to guarantee Chelsea Football Club could continue to play football.

‘However, we have always been clear that the club’s long-term future could only be ensured with a new owner.’ Following thorough research, we are now confident that the entire transaction proceeds will not benefit Roman Abramovich or any other sanctioned individual.

‘We will now begin the process of ensuring that the sale earnings be utilized for humanitarian causes in Ukraine, aiding conflict victims.’

The actions taken today will ensure the future of this vital cultural asset while also protecting fans and the larger football community. We have been in negotiations with important international partners to secure the necessary funding.

Chelsea has been operating under a stringent government license since Abramovich’s sanction, which has stopped them from finalizing any deals or granting new contracts to current players.

Boehly, a part-owner of the Los Angeles Dodgers, has led a syndicate that is financing Chelsea’s £4.25 billion buy.

 

This season, the American millionaire has already visited Chelsea’s Premier League and Champions League matches.

Share your thought below:

Do you find Xclusivepop useful? Click here to give us five stars rating!