LONDON
Roman Abramovich’s 19-year reign as owner of the west London club is all set to come to an end as Todd Boehly’s consortium received the green light
The sale of Chelsea to a consortium led by American billionaire Todd Boehly has been approved by the UK government and the Premier League as Roman Abramovich’s 19 years running the west London club moves closer to its end.
The total investment will cost £4.25 billion ($5.2bn), with £2.5bn ($3.2bn) ending up being the sale price of the club, while there is an agreement in place that £1.75bn (2.1$bn) will be invested over 10 years.
The purchase agreement was signed a fortnight ago and has been waived through by the Premier League Owners’ and Directors’ test, while the government has now facilitated the financial transaction.
“The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly / Clearlake Consortium,” the league said in a statement.
“The purchase remains subject to the Government issuing the required sale licence and the satisfactory completion of the final stages of the transaction.
“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.”
