UK Government issues licence to allow Todd Boehly's takeover of Chelsea

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Todd Boehly reached a purchase agreement worth £4.25billion earlier this month, while the Premier League officially approved his takeover last Tuesday.

Now, the UK Government has given the deal their green light, meaning Boehly will become Chelsea's new controlling owner. In a statement, the Government said: "Late last night the UK Government reached a position where we could issue a licence that permits the sale of Chelsea Football Club. "We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals. I want to thank everyone, especially officials who've worked tirelessly to keep the club playing and enable this sale, protecting fans and the wider football community. "Following the sanctioning of Roman Abramovich, the Government has worked hard to ensure Chelsea Football Club has been able to continue to play football. But we have always been clear that the long-term future of the club could only be secured under a new owner." The London club was put up for sale back in March before owner Roman Abramovich was hit with Government sanctions over his alleged links to Russian president Vladimir Putin.

Chelsea FC owner Roman Abramovich
Chelsea FC owner Roman Abramovich

Since then, Chelsea have been operating under a special licence, which is set to expire on May 31. "Following extensive work, we are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual," continued the statement. "We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war. "The steps today will secure the future of this important cultural asset and protect fans and the wider football community. We have been in discussions with relevant international partners for necessary licences required and we thank them for all their cooperation." Once the takeover is completed, the Los Angeles Dodger co-owner, Boehly, will become the controlling owner at Stamford Bridge. Meanwhile, California investment firm Clearlake Capital will become the majority shareholder.

The article UK Government issues licence to allow Todd Boehly’s takeover of Chelsea appeared first on Planetsport.com.

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