Mueez Ajao
– The Premier League has approved the £4.25bn takeover of Chelsea by a consortium led by LA Dodgers co-owner Todd Boehly.
– The league says the consortium has passed its owner’s and directors’ test.
– The Premier League club was put up for sale before owner Roman Abramovich was sanctioned over his links to Russian president Vladimir Putin.
Also Read: American billionaire Todd Boehly signs an agreement to buy Chelsea for up to $4.9 billion
– The purchase remains subject to the Government issuing the required sale licence.
– The final stages of the transaction will then need to be completed.
– The government does not want Abramovich to make any proceeds from the sale but sources are optimistic about a deal being finalised on Tuesday night.
– “We now believe everyone will be ready to issue the necessary licences” said one insider.
– “The last remaining hurdle boils down to a number of final technical details that are being discussed with the club.”
– Earlier this month the deal had seemed close to collapse over concerns proceeds would not reach good causes as promised by Abramovich.
– Abramovich denied that he had asked for his £1.5bn loan to Chelsea be repaid when the club was sold.
– Several parties expressed an interest but Chelsea agreed to sell to the Boehly-led consortium earlier in May.
– The consortium is led by Boehly but Clearlake Capital, a Californian private equity firm, would own a majority of the shares in Chelsea. Other investors include US billionaire Mark Walter, also a co-owner of the LA Dodgers, and Swiss billionaire Hansjoerg Wyss.
– Chelsea have been allowed to continue operating under a special government licence which expires on 31 May.
