The
Premier League Board has approved a proposed takeover of Chelsea by the Todd
Boehly/Clearlake consortium with all eyes now on the government to push
through the sale.
The government is expected to approve the takeover of Chelsea in the next
week after also receiving legal guarantees that Roman Abramovich will not
benefit from the sale of Chelsea meaning that they can approve the £4.25bn
deal.
The Premier League added in a statement: "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."
Sky Sports News understands the proceeds of the sale are going into a frozen
bank account controlled by the government.
Abramovich is also sanctioned by the European Union and, as he has a
Portuguese passport, the sale has to be approved by the Portuguese
authorities.
UK officials continue intense discussions with both the European Commission
and their Portuguese counterparts in an effort to complete the sale of
Chelsea as quickly as possible, yet the complexity and bureaucratic nature
of the deal mean the process could slow down.
"We are working closely with Chelsea to progress the sale," said the Prime
Minister's official spokesman. "We are holding intense discussions with the
relevant international partners to get the necessary approvals.
"We want to get this process done as soon as possible while also ensuring
the sanctions regime is protected, but we will say more on this as soon as
we possibly can."
The deal will bring an end to Abramovich's 19-year ownership of Chelsea, in
which the club has won 21 trophies including five Premier League titles and
two Champions Leagues.
Boehly, co-owner of the LA Dodgers baseball team, and fellow consortium
member Hansjörg Wyss were at Stamford Bridge for Sunday's final 2-1 win over
Watford.
The news will be a boost for Thomas Tuchel's side as they have been unable
to buy or sell players or negotiate new contracts with players due to the
restrictions imposed on Abramovich over his alleged links to Vladimir
Putin's Russia.
Antonio Rudiger is joining Real Madrid on a free transfer and Andreas
Christensen, club captain Cesar Azpilicueta and Marcos Alonso have all been
linked with Barcelona.
Abramovich put Chelsea up for sale days after Russia's invasion of Ukraine
on February 24.
What is the Boehly bid and who
is part of it?
- Mr Boehly's bid would see voting rights shared equally
between him and Clearlake Capital, a Californian private equity
firm.
- Clearlake, which has no direct ownership pedigree in major
sports assets, would own a majority of the shares in Chelsea.
- The group is being advised by Goldman Sachs and Robey
Warshaw, where the former chancellor - and Chelsea fan - George
Osborne, now works as a partner. |
Abramovich was then part of a delegation trying to broker a peace deal
between Russia and Ukraine and suffered 'symptoms of suspected chemical
weapons poisoning' during the talks.
The UK government sanctioned the oligarch on March 10 but granted Chelsea a
special licence - which expires on May 31 - to keep operating.
Talks over the sale have dragged on in recent weeks, with Abramovich having
to deny reports that he wanted the £1.5bn he loaned to Chelsea repaid before
he would sanction a sale.
Boehly bid successful - what
does it mean for Chelsea?
- This is the second time Todd Boehly has tried to buy
Chelsea. His £2.2 billion offer was rejected in 2019.
- Chelsea are hoping to operate as normal in the transfer
market this summer and Thomas Tuchel will be backed to get the
players he needs.
- The prospective new owners have already started making plans
for the redevelopment of Stamford Bridge.
- Their long-term plan is to turn the ground into a
destination stadium where fans will want to spend a significant
amount of time. |
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