Chelsea received good news after the Premier League finally gave the green light to Todd Boehly to continue the process of acquiring the Blues from Roman Abramovich .
As previously reported, Abramovich was forced to sell Chelsea after the British government froze his assets because of the Russo-Ukrainian war.
Several parties were said to be interested in buying Chelsea from Abramovich, until finally the London club confirmed that Boehly and the consortium he led would become the new club owners.
Green Light from Premier League
Now, the Premier League confirms that their leadership has approved the plan of Boehly and his consortium to acquire Chelsea from Abramovich.
“The Board has implemented the Premier League Owners and Directors’ Test (OADT) on all potential Directors, and carried out the necessary due diligence,” the Premier League said in a statement.
Waiting for the Government’s Green Light
Chelsea’s acquisition process is now just waiting for approval from the British government, which previously had doubts about Abramovich’s guarantee that the proceeds from this sale would be used for charitable purposes.
“The purchase remains subject to the Government issuing the necessary sales license and satisfactory completion of the final stage of the transaction.” added the Premier League statement.
The problem now is that Abramovich also holds a Portuguese passport, and he is also subject to sanctions from the European Union. This means that the final decision regarding this acquisition can also be determined by EU policy.
The acquisition of Chelsea by a consortium led by American billionaire Todd Boehly has been given the green light by the Premier League. With this, Roman Abramovich’s ownership of the Blues which is already 19 years old is getting closer to the end of the road.
The total investment will cost £4.25 billion, with the west London club selling for £2.5 billion, plus a deal to inject £1.75 of investment into Chelsea over the next 10 years.
The purchase agreement was signed two weeks ago and has gone through the Premier League Owners and Director’s Test, with the British government to facilitate the financial transaction.
What does the Premier League say about the sale of Chelsea?
“This purchase remains pending the required sales license issued by the government and satisfactory completion of the final stage of the transaction.”
“The members of the Chelsea Buying Consortium are affiliates of Clearlake Capital Group, LP, Todd Boehly, Hansjorg Wyss and Mark Walter.”
“Chelsea FC will now work closely with the relevant government to secure the necessary licenses to complete the takeover.”
Who is Chelsea’s new owner?
Boehly is a co-owner or co-owner of Major League Baseball (MLB) club, the Los Angeles Dodgers, and a minority investor in the National Basketball Association (NBA) team, LA Lakers.
He had tried to buy Chelsea in 2019 for £2.2 billion but was rejected. He has already expressed interest in buying a Premier League club publicly and will be the face of this acquisition.
Boehly is expected to fill a seat on Chelsea’s board and fill an advisory role despite only holding a minority stake.
The majority of the funds were raised by Clearlake Capital with their two co-founders or co-founders, Jose E. Feliciano and Behdad Eghbali , going to be involved.
Mark Walter , who is the principal owner of the Dodgers, is also involved, along with longtime partner Boehly and fellow billionaire Hansjorg Wyss .
The Times columnist and member of the Tory party , Danny Finkelstein , fills non-executive advisory and board roles, along with Barbara Charone , who is a PR Executive in London.
What will change at Chelsea under the new owners?
The Blues will no longer be a loss-making operation with Roman Abramovich injecting £1.5bn from his personal pocket to maintain Chelsea’s big-money spending tradition.
That’s not to say the new owners won’t invest, especially considering they’ve done so with other sports clubs under them. Instead, the new owner will try to increase revenue to balance the balance.
Chelsea will use a Liverpool-style model, with data as a basis for decision making.
They also agreed to invest in Stamford Bridge, the academy, Chelsea Women’s Team and Kingsmeadow (women’s team home) and continue to finance the Chelsea Foundation.
Boehly are said to have detailed designs for the first team stadium, raising their home level to be on par with other top European stadiums.
As a first step, Tuchel will ask for a new central defender and Boehly’s camp intends to extend the contracts of key players including Mason Mount and Reece James.
Did Roman Abramovich get the money from selling Chelsea?
The money from the Chelsea sale will be held in a frozen UK bank account, with Abramovich having communicated his intention to donate 100 per cent.
However, the British government must give the green light so that the money in the account can be transferred given his status as an individual who is being sanctioned.
The sanctions were imposed by the British government after Abramovich was suspected of having ties to the Kremlin, with Russian President Vladimir Putin.
There are still checks to be carried out in the European Union and in Portugal because Abramovich has a Portuguese passport, but is predicted to be given the green light.