Government approves £4.25 billion Chelsea takeover
Todd Boehly's £4.25billion takeover of the Stamford Bridge club was approved by the Premier League on Tuesday evening.
Last updated 25th May 2022
The UK Government has approved a licence allowing the sale of Premier League side Chelsea to a US consortium.
The Premier League board approved the £4.25 billion takeover of the Stamford Bridge club by Todd Boehly on Tuesday evening.
"Late last night the UK Government reached a position where we could issue a licence that permits the sale of Chelsea Football Club," read a Government statement.
"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."
Abramovich put the West London club up for sale in March, before he was sanctioned over his links to Russian president Vladimir Putin.
Chelsea have been operating under a special government licence, which expires 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."
Los Angeles Dodgers co-owner Boehly will become Chelsea's controlling owner once the takeover is complete.
California investment firm Clearlake Capital will assume the majority shareholding.