Government approves Chelsea sale with Todd Boehly consortium set to buy club from Roman Abramovich

Chelsea’s takeover is on the verge of being accomplished (PA)

The UK Authorities has lastly authorized the sale of Chelsea with the Todd Boehly/Clearlake consortium now set to purchase the Premier League membership from Roman Abramovich.

The £4.25 billion takeover bid was held up earlier this month after the federal government raised considerations that Abramovich would renege on his pledge to waive a £1.6bn mortgage.

Abramovich, who purchased Chelsea for £140 million in 2003, is unable to obtain a single penny from the sale of the membership after he was sanctioned by the federal government in March.

The Russian oligarch had insisted that each one web proceeds, believed to be the cash from the sale minus authorized charges, can be used ‘for the advantage of all victims of the conflict in Ukraine’.

Abramovich has now legally agreed for his £1.6bn mortgage to Chelsea to be positioned in a frozen account underneath authorities management.

A authorities spokesperson stated: ‘Late final evening the UK Authorities reached a place the place we may challenge a licence that allows the sale of Chelsea Soccer Membership.

Roman Abramovich has been Chelsea’s proprietor since he bought the membership for £140m in 2003 (Getty)

‘Following the sanctioning of Roman Abramovich, the Authorities has labored arduous to make sure Chelsea Soccer Membership has been in a position to proceed to play soccer.

‘However we've got at all times been clear that the long-term way forward for the membership may solely be secured underneath a brand new proprietor. Following intensive work, we at the moment are happy that the total proceeds of the sale is not going to profit Roman Abramovich or some other sanctioned particular person.

‘We'll now start the method of making certain the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the conflict.

‘The steps in the present day will safe the way forward for this vital cultural asset and defend followers and the broader soccer group. We've got been in discussions with related worldwide companions for vital licences required and we thank them for all their cooperation.’

Todd Boehly has spearheaded the consortium which is shopping for Chelsea for £4.25 billion (PA)

Following Abramovich’s sanction, Chelsea have been working underneath a strict authorities licence which has prevented them from finishing any transfers and providing new contracts to present members of the squad.

Boehly, who's a part-owner of the LA Dodgers, has spearheaded a consortium which is financing the £4.25bn takeover of Chelsea.

The American billionaire has already attended Chelsea’s matches within the Premier League and the Champions League this season.

On Tuesday night, the Premier League additionally gave the inexperienced mild for the takeover to be accomplished.

An announcement from the Premier League learn: ‘The Board has utilized the Premier League’s Homeowners’ and Administrators’ Take a look at (OADT) to all potential Administrators, and undertaken the mandatory due diligence.

‘The members of the Consortium buying the membership are associates of the Clearlake Capital Group, L.P., Todd Boehly, Hansjorg Wyss and Mark Walter.

‘Chelsea FC will now work with the related Governments to safe the mandatory licences to finish the takeover.’

The takeover means an finish to Abramovich’s profitable period at Chelsea through which the membership 21 trophies, together with 5 Premier League titles, two Champions Leagues, two Europa Leagues, 5 FA Cups and the Membership World Cup.

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