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British government endorsed Boehly’s £4.25 billion Chelsea takeover

British government endorsed Boehly’s £4.25 billion Chelsea takeover

May 26, 2022: -The government has endorsed the £4.25bn Todd Boehly-led consortium takeover of Chelsea.

After the negotiations for months, the deal was finally agreed upon after the government accepted legal guarantees that Roman Abramovich would not profit from the sale. At the same time, he had his UK assets frozen.

“Last night, the Government issued a license that permits the sale of Chelsea,” the culture secretary Nadine Dorries said. “Given the sanctions we placed on those linked to Putin, and the invasion of Ukraine, the long-term future of the club, can be secured under a recent owner.

“We are satisfied the sale proceeds 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.”

On Tuesday night, the Premier League endorsed the takeover, with its board applying “the Premier League’s Owners’ and Directors’ Test (OADT) to all prospective Directors” and undertaking “the necessary due diligence.”

Sky Sports News comprehends that the sale proceeds are going into a frozen bank account regulated by the government.

Chelsea is working under a special government license that can expire on May 31, albeit with restrictions regarding signing and selling players and presenting new contracts to stars.

Boehly, who is also co-owner of the LA Dodgers baseball team, and fellow consortium member Hansjörg Wyss were at Stamford Bridge for the final 2-1 win over Watford on Sunday.

US magnate Boehly is expected to become Chelsea’s managing owner after the takeover is complete, though California investment firm Clearlake Capital will accept the majority shareholding.

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