The Premier League has approved the takeover of Chelsea FC by a consortium led by American billionaire, Todd Boehly, to bring Roman Abramovich’s 19-year running of the West London club to its end.
Further completion of the purchase from the Russian billionaire Abramovic must still be cleared by the UK government, which has to issue a sale licence.
It wants to be satisfied that none of the proceeds will go to Abramovich, who was hit with sanctions after Russia’s invasion of Ukraine, and to get guarantees regarding his £1.6bn loan to the club.
A statement issued by the League states that, “The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly / Clearlake Consortium, 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.”
Recall that there was a switch in ownership of Chelsea FC. Boehly is the co-owner of Major League Baseball’s (MLB) Los Angeles Dodgers and a minority investor in the National Basketball Association (NBA) team LA Lakers.
The Billionaire has shown keen interest in the past when he tried to buy Chelsea in 2020 for £2.2bn ($2.7bn) only to see his offer rejected. He has publicly stated his interest in buying a Premier League team and will become the face of this bid.
Boehly is expected to take a seat on the board and a guiding role despite only having a minority stake. The majority of the money has been put up by Clearlake Capital with both the private equity firm’s co-founders José E. Feliciano and Behdad Eghbali to be involved
Mark Walter, who is the principal owner of the Dodgers, is also involved, along with Boehly’s long-term associate and fellow billionaire Hansjorg Wyss. These are what makes up the consortium.
The group have also agreed to invest in Stamford Bridge, the academy, the Women’s Team and Kingsmeadow (women’s team stadium) and continued funding for the Chelsea Foundation.
Boehly is thought to have a very great plan for Chelsea’s first team stadium to bring it to the level of the top European football stadia.