The English Premier League approves the sale of Chelsea FC

Advertisement

[ad_1]

The deal, worth more than $5 billion, still needs to receive government approval before the transaction can be finalized.

“The Premier League board today approved the proposed takeover of Chelsea Football Club by the Todd Boehly/Clearlake consortium,” the league said in a statement.

“Chelsea FC will now work with the relevant governments to secure the necessary licenses to complete the takeover.”

The club’s current owner is Russian oligarch Roman Abramovich, who is under British government sanctions and has had his assets frozen.

Didier Drogba: Chelsea hope new club owners can 'continue the vision and passion of the fans'
Advertisement

Abramovich put the club up for sale in early March following the Russian invasion of Ukraine, saying at the time it was “in the best interest of the club”.

Boehly has interests in the Los Angeles Dodgers of MLB, the Los Angeles Lakers of the NBA and the Los Angeles Sparks of the WNBA.

The Premier League statement said Boehly had passed the council’s ‘Premier League Owners and Directors Test (OADT)’.

The club said that of the total investment made, 2.5 billion pounds ($3.08 billion) will be used to purchase the club’s shares and this money will be deposited in a frozen UK bank account “with the intention to give 100% to charity”. causes as confirmed by Roman Abramovich.”

UK government approval would be required for proceeds to be transferred from the frozen UK bank account, the club added.

He said the proposed new owners would also “commit £1.75bn ($2.16bn) in additional investment to benefit the club”. This would include investment in the club’s Stamford Bridge stadium, academy, women’s team and funding for the Chelsea Foundation charity.

The announcement of the Boehly deal came just over three weeks into the club’s current operating license, which expires on May 31.

Andrew Raine contributed reporting.

[ad_2]

You Can Read Also

Politics News

Advertisement

malek

Leave a Reply

Your email address will not be published.